Economics Discussion 1. What are some of the tools economists use to analyze consumer decisions on what to buy? 2. On the demand side, what are some exceptions to the rule that when Price falls, Demand rises? 3. How do interest rates affect Household savings? On mortgage interest rates, let us revisit adjustable and fixed rate mortgages. Which of these types you want to recommend to the home buyer. Please explain from the viewpoint of the home buyer/consumer preferences. 4. Choose one of the following, explain/define the concept and give it a real world application: a. marginal rate of substitution b. substitution effect c. perfect substitution d. income effect e. budget constraint 5. In a democracy like ours, what is your understanding of the general rule of political economy? What are some of the problems associated with political economy? Please cite some real world examples. 6. What is your understanding…    read more