Assignment: Explain your answers. Keep the answers short and precise ( 34 sentences at most). You might not find all the answers in lecture or book. Googling the unknown terms will be very useful. 1. What is the law of diminishing marginal utility? 2. Explain how a consumer receives surplus from consuming a particular good. 3. I have a budget of $135 to spend on Pizza and Movies. Each pizza costs $20 and each movie costs $15. Given following utilities I receive, what number of pizzas and movies would maximize my utility? Explain. 4. Lucy quits her psychiatrist job that pays $200 an hour and opens lemonade business. At the same time, a local college offered her a $175 an hour job and a corporation offered her a $250 an hour. What is Lucy's opportunity cost of running her own business? 5. What is sunk cost? How do we factor that cost in economic profit estimation? Is the process any different for accounting profit estimation? Assignment: Explain your answers. Keep the answers short and precise ( 34 sentences at most). You might not find all the answers in lecture or book. Googling the unknown terms will be very useful. 1. What is the law of diminishing marginal utility? 2. Explain how a consumer receives surplus from consuming a particular good. 3. I have a budget of $135 to spend on Pizza and Movies. Each pizza costs $20 and each movie costs $15. Given following utilities I receive, what number of pizzas and movies would maximize my utility? Explain. 4. Lucy quits her psychiatrist job that pays $200 an hour and opens lemonade business. At the same time, a local college offered her a $175 an hour job and a corporation offered her a $250 an hour. What is Lucy's opportunity cost of running her own business? 5. What is sunk cost? How do we factor that cost in economic profit estimation? Is the process any different for accounting profit estimation