Your Name: Read pages 25-39 from https://d3bxy9euw4e147.cloudfront.net/oscms- prodcms/media/documents/Principles of Macroeconomics-OP.pdf and answer the following: In some cases, realizing the opportunity cost can alter behavior. Imagine, for example, that you spend $8 on lunch every day at work. You may know perfectly well that bringing a lunch from home would cost only $3 a day, so the opportunity cost of buying lunch at the restaurant is $5 each day (that is, the $8 buying lunch costs minus the $3 your lunch from home would cost). $5 each day does not seem to be that much. However, if you project what that adds up to in a year-250 days a year x $5 per day equals $1,250, the cost, perhaps, of a decent vacation. If the opportunity cost is described as "a nice vacation" instead of "$5 a day," you might make different choices. (Opportunity Cost) You can either spend spring break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida? 2. Give an example of how you make decisions based on OPPORTUNITY COST: 3. An economic explanation for why people make different choices begins with accepting the proverbial wisdom that tastes are a matter of personal preference. But economists also believe that the choices people make are influenced by their incomes, by the prices of goods and services they consume, and by factors like where they live. How do you make choices about what to buy, how much to work, and how much to save?. 4. Give an example of a choice you make based on personal preferences 5. What is Absolute Advantage and what is Comparative Advantage