1. Briefly explain how you can apply economics in your daily life.

Guidelines:

a. Daily or Weekly allowance

b. Time management

c. Chosen school and course

Answer

2. Think of the last important decision you made about how to allocate your

time. What were your opportunity costs? Did you make the right decision?

3. Imagine you are the CEO of a corporation. You need to make a tradeoff decision between optimizing for market share and optimizing profitability. What factors might

you consider?