Detailed steps are required

Part A a. (4 marks) Give two examples of a trade-off you have faced in your life. b. (6 marks) For which of the following decision of yours do you need to "think at the margin", and for such decisions (and only for such decisions) further describe how you think at the margin in making the decision. i. To decide which BA programme (e.g. FIN, MHR, MKT, .....) to apply for by the end of your first semester in UIC. ii. To decide how many hours to spend on studying each day. iii. To decide where, i.e., in which canteen on campus, to have your lunch today. Part B: Suppose you can do one, and only one, of the following four things today, Thing A, Thing B, Thing C, and Thing D; and you get monetary benefits from doing them, which are $300,$600,$800, and $400 respectively. Suppose the monetary costs for each of these four plans are zero. You need to decide which one to do. c. (2 marks) Suppose you have not learned about the opportunity cost. Describe how you make your decision. d. (4 marks) Now you have learned about the opportunity cost. What is the opportunity cost of each of the four things? And then describe how you make your decision now. e. (4 marks) Briefly explain why we consider the opportunity cost in Economics. Part A a. (4 marks) Give two examples of a trade-off you have faced in your life. b. (6 marks) For which of the following decision of yours do you need to "think at the margin", and for such decisions (and only for such decisions) further describe how you think at the margin in making the decision. i. To decide which BA programme (e.g. FIN, MHR, MKT, .....) to apply for by the end of your first semester in UIC. ii. To decide how many hours to spend on studying each day. iii. To decide where, i.e., in which canteen on campus, to have your lunch today. Part B: Suppose you can do one, and only one, of the following four things today, Thing A, Thing B, Thing C, and Thing D; and you get monetary benefits from doing them, which are $300,$600,$800, and $400 respectively. Suppose the monetary costs for each of these four plans are zero. You need to decide which one to do. c. (2 marks) Suppose you have not learned about the opportunity cost. Describe how you make your decision. d. (4 marks) Now you have learned about the opportunity cost. What is the opportunity cost of each of the four things? And then describe how you make your decision now. e. (4 marks) Briefly explain why we consider the opportunity cost in Economics