Provide short answers (a few sentences) for each of the following questions. (a) What is your opportunity cost of joining our live Zoom lecture next Tuesday? (b) A person says, "According to the law of demand, the lower the price of meals, the more meals I'll eat. But I always eat three meals a day. Obviously the law of demand doesn't apply to me." Has the person found an exception to the law of demand? Explain your answer. 2. Rank the following goods in order of elasticity of demand, from most elastic to most inelastic, and explain the reasoning behind your ranking. A bottle of water during lunch at home. A bottle of water while stranded in a hot desert. A copy of Stark and Finke's Acts of Faith book. An umbrella.