4. (5 points) Suppose that I make $15 per hour and you make $20 per hour and we

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4. (5 points) Suppose that I make $15 per hour and you make $20 per hour and we both like to eat hamburgers that cost $5 each. Compare my real wage (in terms of hamburgers) to your real wage.

5. (10 points) Give an example of a decision that is rational ex-ante but irrational ex-post. Under what conditions will this rationality be different and under what conditions will this rationality (ex-ante and ex-post) be the same.

6. (5 points) Using marginal analysis, explain how you would determine how much to eat at an all you can eat restaurant.

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