AutoSave OFF A A ? CG ... wNU-Micro Homework 1 copy 2(1) - Compatibility Mode Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Cambria (B... v 12 A A Aa Ap AaBbCcDdE AaBbCcDdE AaBbCcDc AaBbCcDdE AaBb( AaBbCCDdE AaBbCcDdEe Paste BIUvab X X A L Av Norma No Spacing Heading 1 Heading 2 Title Subtitle Subtle Emph Styles Dictate Pane ECO 203: Homework assignment #1: Chapters 1-4 . Economists say that individuals make decisions at the margin. What does this mean? Give an example where you have made such decision. (3 points 2. The higher the opportunity cost of attending college the less likely an individual will go to college. Do you agree? Explain your answer. (3 points) 3 a. We already know the "law of demand" tells us how as price of a good increases (decreases) quantity demanded of that good decreases (increases). (3 points) Explain, in your own words, how the "diminishing marginal utility" explains the "law of demand". 3 b: We already know the "law of supply" tells us how as price of a good increases (decreases) quantity supplied of the good also increases (decreases). Explain, in your own words, how economists use the principle of "increasing (opportunity) cost" to explain the "law of supply". (3 points) Page 1 of 5 524 words [ English (United States) Focus E + 100%