Over the last six very intense weeks, we have concentrated on Economic Reasoning, and I think all of you have developed the ability to understand and think critically about the many economic issues that you encounter every day in your own experiences and in the various news outlets.

Since the first class we have said that there are three essential elements to Economic Reasoning

• Think Marginal
• Think Long-Run / Short-Run
• Think Opportunity Cost

In each case give an example, one that we used in class or your own, and show how this element of economic reasoning helps to explain what is happening. Please read the previous sentence again before you answer.

1: Think Marginal

answer here

2: Think Long-Run / Short-Run

answer here

3: Think Opportunity Cost

answer here

Extra Credit [up to 5 points) Over the last six very intense weeks, we have concentrated on Economic Reasoning, and I think all of you have developed the ability to understand and think critically about the many economic issues that you encounter every day in your own experiences and in the various news outlets. Since the rst class we have said that there are three essential elements to Economic Reasoning Think Marginal ' Think LongRun/ Short-Run ' Think Opportunity Cost In each case give an example, one that we used in class or your own, and show how this element of economic reasoning helps to explain what is happening. Please read the previous sentence again before you answer. 1: Think Marginal Type your answer and explanation here: 2: Think Long-Run I Short-Run Type your answer and explanation here: 3: Think Opportunity Cost Type your answer and explanation here