1. Suppose you are a college student and are trying to decide the best way to get to your college classes. You can drive to campus, but you also live close enough to take a bus or use other modes of transport.
   1. What are some of the trade-offs that you need to consider? List at least 2 trade-offs. Think about your different choices on how you can get to campus.
   2. Suppose you decide to drive to campus. What would be your opportunity cost of driving to campus?
2. The market for tomato sauce is at equilibrium. Due to some bad weather, the supply of tomatoes (a major ingredient for tomato sauce) drastically declines.
   1. Analyze step by step what happens to the tomato sauce market. In your analysis, be sure to include which curve shifts and in which direction the curve shifts.
   2. Explain what happens to the equilibrium price of tomato sauce.
   3. Explain what happens to the equilibrium quantity of tomato sauce.
3. Is the statement, "The price of tomato sauce rises and this causes the demand for tomato sauce to decrease" correct or incorrect? Why or why not?
4. Now, take a few moments to introduce yourself to the rest of the class. What is something you like to do for fun? Is there anything interesting about yourself or something you would like the rest of the class to know? Why are you taking this class? Is there something you want to take away from this class?