1. You are choosing between Galaxy S and Galaxy A smartphones. Galaxy S gives you the utility of $1100 and Galaxy A the utility of $950. At the same time, the market price of the Galaxy S is $999, and Galaxy A is $450. Which one should you buy if any?

2. You would like to buy some cheese. You personally value gouda at $7/lb. and cheddar at $4/lb. At the store, you can see that gouda is sold for $5/lb. and cheddar is $3/lb. Your budget for cheese is 15$. What will be a rational economic choice in this situation?

3. GM announced the construction of a new factory in the Detroit area dedicated to producing EVs. It will cost $2 bln and allow the production of 15,000 cars per month. The average cost of the car is $28,000. What should be an average price of a car for the factory to break even in 4 years?

4. GM announced the construction of a new factory in the Detroit area dedicated to producing EVs. It will cost $2 bln and allow the production of 15,000 cars per month. The average price of GM's EV is $32,000 and the average cost of the car is $28,000. What will be GM's profit cumulatively for 10 years?

5.GM announced the construction of a new factory in the Detroit area dedicated to producing EVs. It will cost $2 bln and allow the production of 15,000 cars per month. The average price of GM's EV is $32,000 and the average cost of the car is $28,000. How long will it take for the factory to break even?