1. Describe an important decision you recently made in the last month related to school. Think about what motivated your decision. Explain whether your choice was
driven by rational maximization of your own utility or by something else that
motivated you or influenced your choice? (limit 1.5 pages, single-space, 12 point font.)
You must use all the following concepts as part of your description:
– benefit, cost, opportunity cost, tradeoff, scarcity, preferences
include any other relevant concept covered in the provided material and explain
the motivation.
Explicitly tie your description to at least two of the provided articles and directly cite each of them
2. Read the provided New York Times Article regarding the Avian Flu and use the information in the article to answer the following:
Draw a graph of the market for eggs at an original equilibrium. Label your axes and label
your supply and demand curves.
On the same graph show what happens in the market for eggs as a result of the events
described in the article.. Make sure to label your axes and curves. Show what happens to
P and Q on your graph.
Carefully explain any shifts in curves and why they shift. Make sure to refer to
the factors that shift supply and demand in your explanation
How might consumers respond to the market changes you show in your
graph(s)? Do you think the demand for eggs is elastic or inelastic? Explain why.
How might grocery stores respond to the market changes you show in your
graphs? Explain.
How might egg farmers respond to the market changes you show in your graph?
Explain.
Based on your analysis which group is harmed the most; consumers, grocery
stores, or egg farmers? Explain your answer.
