1. Short answer: For each of the following questions provide a short answer. Please keep each answer to100words or less. (15points total,5points each)
2. a)Consider a recent purchase you (or someone in your group) made. How much did you pay for this purchase? What's the most you would have been willing to pay? Using these two answers, calculate the consumer surplus you obtained from your purchase.
3. b)What is your opportunity cost of completing this homework assignment?
4. c)Suppose you are given a coffee mug, asked if you would like to trade the mug for a pen, and you decide to make the trade. If you instead are given a pen and then asked if you would like to trade it for a coffee mug, what will you do? Explain.