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Ques 1. When Stella first moved to BC from Toronto, she was amazed at the mountains and forests here. However, after one semester has passed, she feels mountains and forests are nothing special. Instead, she starts to miss the Ontario Lake, which she had always taken for granted.

What is the economic rule behind this phenomenon?

Ques. 2 Give an everyday example of very inelastic demand and an example of very elastic demand.

Ques. 3. Explain why the government can encourage R&D by issuing patents.

Ques. 4. Suppose the annual membership fee of your fitness center is currently $100. Now suppose the fitness center has decided to increase the fee to $120 effective next year. If other things don't change,what will happen to the number of customers next year? If you choose to stay as a member next year, what will happen to the number of your visits to the center next year? Why? Use economic knowledge learned from this course to answer.