From Chapter 1:
a. What are the four fundamental economic choices?  Describe each and given an example of each choice.
b. Describe how the production possibilities frontier can be used to examine issues of efficiency and economic growth.

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From chapter 3, Suppose that business travelers and

 vacationers have the following demand for for airline tickets from

Redding to San Francisco:

Price                 Quantity Demanded             Quantity Demanded
        (business travelers)                 (vacationers)

_____________________________________  

$150                         2,100 tickets                          1,000 tickets

  200                         2,000                                       800

  250                         1,900                                       600

  300                         1,800                                       400

a. As the price of tickets rises from $200 to $250, what is the the

    price elasticity of demand for:  (i) business travelers and (ii)

    vacationers?  (Use the midpoint method from your book)

b. In a paragraph, discuss what the results from question (a)

     imply/mean. 

c. Why might vacationers have different elasticity than business

    travelers? 

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Discuss the costs and benefits associated with economic growth? Do you believe the benefits outweigh the cost, or vice-versa? Explain.

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