1. Imagine you have a friend who is in a stressful long-term relationship. Your friend is constantly unhappy, but they claim that they have "put in too much effort towards the relationship to give up now." Gently explain to this friend why their thinking is irrational according to traditional economic theory. 2. Provide an example where a person's preferences would be described as menu- dependent. Explain why the preferences are menu-dependent. 3. Explain why a bronze medalist from the Olympics is likely to be happier with their performance than a silver medalist. 4. What is a decision-making heuristic? Why would we use them to help make decisions? 5. What was your opportunity cost of completing this homework assignment? Assign specific utility values to your menu of choices (whatever that menu may be) and use those values as part of your answer.