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1. Provide short answers (a few sentences) for each of the following questions. (a) What is the opportunity cost of attending class on April 18th?

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1. Provide short answers (a few sentences) for each of the following questions. (a) What is the opportunity cost of attending class on April 18th? (b) A person says, "According to the law of demand, the lower the price of meals, the more meals I'll eat. But I always eat three meals a day. Obviously the law of demand doesn't apply to me. " Has the person found an exception to the law of demand? Explain your answer. 2. Bank the following goods in order of elasticity, from most elastic to most inelastic, and explain the reasoning behind your ranking. 0 A bottle of drinking water during lunch at the student center. I A bottle of water while stranded in a hot desert. o A pair of sunglasses. 0 An InnOut Double Double hamburger. 3. For each event below, predict how the event will affect a congregation's attendance and briey explain the logic behind your prediction. (a) The World Cup Soccer Championship is on at the same time as the church meeting is held. (b) As announced in each of the prior three weeks, a wellknown boring speaker is giving a sermon rather than the normally engaging speaker. (c) The church hosts a special lunchtime event immediately after the church meeting. ((1) A normally sunny day is cloudy on the day of the Church meeting. 4. Read the Heaven's Gate entry at the World Religions and Spiritualities Project. Go to http://www.wrldrels.org/index.htn, click on "Proles of Religious and Spiritual Group," then click on "H," and then click on "Heaven's Gate." (a) What religious goods did members of the Heaven's Gate group hope to receive from their afliation? (b) What were the costs of obtaining those goods? (c) Suppose you hear someone unsympathetically say, "That the Heaven's Gaters com- mitted suicide is conclusive proof that religious fanatics will do anything for their faith." Evaluate that statement in light of the claim from our lecture that there is no such thing as perfectly inelastic demand

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