Define, using a supply and demand graph, the meaning of producer surplus.

2. How does time change answers about the optimal level of pollution abatement?

3. Describe and give examples of rent seeking that influence or direct government policies.

4. Use the case of the Solyndra subsidy to explain the pros and cons of government loan guarantees.

5. What is an example of insights that income elasticity of demand coefficients provide about recessions?

6. Why does the demand schedule that is based on the marginal-utility theory almost invariably result in an inverse or negative relationship between price and quantity demanded?

7. How could two people each be making rational economic decisions if they choose to use two different means of transportation (bus versus airplane) in traveling from one city that is about 600 miles from another city?

Please help with explanations or examples. The professor is giving me minimal information and I'm lacking the concept.

Any references would help a lot.