What is Utility and Total Utility 2) What is Marginal Utility ? 3)What is Diminishing Marginal Utility? 4) What is Consumer Equilibrium ? 5) What is Behavioral Economics? 6) What is the Concept of Loss Aversion all about? 7)For each scenario, circle or highlight the number that indicates how you would feel on a scale of 1-10: You are walking along the sidewalk and find a $20 bill on the ground. Very Bad Neutral Very Good <1--------2--------3--------4--------5--------6--------7--------8--------9--------10> 2. You are walking along the sidewalk and realize you've lost a $20 bill from your pocket. Very Bad Neutral Very Good <1--------2--------3--------4--------5--------6--------7--------8--------9--------10> 8) How did your answers compare? Did you feel the same level of emotion for both scenarios? Did you find that you felt stronger emotions for one of the scenarios? Describe why or why not. 9) What does Fungible mean? 10) What is FOMO and briefly explain? 11.What is ELASTICITY? 12. How would casinos use "Loss Aversion" to their advantage