Economics Homework Help

I need help with a Micro Economics question. All explanations and answers will be used to help me learn.

Question 1

Provide your own definition of “opportunity cost”. Discuss what the opportunity cost of attending college is for you, noting that the concepts of opportunity costs and explicit monetary costs are not the same.

Question 2

Why is it important that prices are flexible in our economy? Do you think the government should control the level of prices for products that are really important, ie. gasoline?

Question 3

Discuss the pricing policy of price discrimination. Provide the economic reasoning for movie theaters, airlines, and many other businesses to charge customers different prices based on time of the day, age, and purchase dates. Why?

Provide an example of a price discrimination for a good or service that you considered unfair. Do you still believe that the discrimination is unjustifiable?

Question 4

An important law in economics is the “Law of Diminishing Marginal Utility”. Discuss what this law is and provide an example of diminishing marginal utility you’ve encountered recently.