1.Name something you have purchased in the past year. Use as much detail as possible to describe how this good or service increased your utility.

2.Does the principle of decreasing marginal utility apply to this good or service? Have you reached the point of decreasing marginal utility? Explain.

3.Describe a situation in which your budget was constrained. How would your purchasing decisions have been different if you'd had a bigger budget?

4.List two inferior goods and describe what makes them inferior. What normal goods could substitute for these inferior goods? What might it take for a consumer to switch to these normal goods?

5.Describe something that you think is a public good. Explain how it is non-excludable and non-rival. State whether you think the good should be provided by the government or by private industry, and explain the reason for your position.