Question: Think about a purchase that you made recently. Explain how you might have applied the economic way of thinking in making your purchase?

  1. Think about a purchase that you made recently. Explain how you might have applied the "economic way of thinking" in making your purchase?

(10 points)

  1. Choose number for TFC (between 100 and 200) and complete the table.

Q TC TFC TVC AVC AFC ATC MC
0 0
1 150
2 270
3 370
4 450
5 500
6 560
7 650
8 770
9 920
10 1120

  1. Explain why a change in the price of a product (say, apples) could change the consumption of the other product (say, oranges).

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