1. What is main purpose of the model of supply and demand? 2. What is the labor theory of value, and why do economists today generally consider it to be flawed? 3. What is the main economic reason given in this chapter why demand curves slope downward? 4. Explain the economic reason why most stident will learn more knowledgeif they study everyday for 1 hour instead of once a week for 7 hours? 5. When you buy something, what you are giving up to purchase it is your time. For example the chipotle bowl i enjoy cost about $8 , but i always tip a dollar to show a little love for those minimum wage chipotle workers. So i pay $9 for a bowl . As an economist i make about $50 per hour. To calculate how long i had to work for that bowl, you take the price/wage * 60 minutes. So in this case that is $9/$50 * 60 minutes. This means i had to work about 11 minutes for that tasty chiptole feast. Think about the last product you purchased . Tell me what it was and the price you paid. Then tell me what your current wage is. If your are'nt working or don't want to share this information. Assume your wage is $12 per hour calculate how long you had to work for the last product you purchased? 6. Give me two sentences reaction to the calculation you made in the previous question. Did your result surprise you? Did you think this is good deal , or a lot more expensive than you though? Tell me something about how your answer to question 5 made you reflect on the true cost you paid for that item