WRIT101 Economics Questions For question #1: Indicate how marginal benefit/marginal cost analysis should be used to determine if you go to college or not
WRIT101 Economics Questions For question #1:
Indicate how marginal benefit/marginal cost analysis should be
used to determine if you go to college or not. You need to talk about the explicit
and implicit costs associated with your decision. Make sure you answer the
question about the statement that education is priceless and why you think that.
For question #2:
Define absolute advantage in terms of the amount produced and
define comparative advantage in terms of opportunity costs. Show how someone
having an absolute advantage in producing both math and writing skills should
proceed with the assignment. Should they do it all or divide the work between the
two people according to who has the comparative advantage in doing one part of
the assignment?
For question #3:
I want you to pick the best demand or supply shift factor (only
pick 1) that shows why the demand curve or supply curve shifted due to the
machine that allows cows to milk themselves and why you picked that shift factor
change. Then tell me what the change in price and quantity are from the old
equilibrium point to the new equilibrium point. You should make a diagram to help you with
the change in price and quantity at the new equilibrium point
For question #4:
I want you to pick the best demand or supply shift factor (only
pick 1) that shows why the demand curve or supply curve shifted due to the new
medical evidence that milk helps increase bone density and why you picked that
shift factor change. Then tell me what the change in price and quantity are from
the old equilibrium point to the new equilibrium point. You should make a
diagram to help you with the change in price and quantity at the new equilibrium point
For question # 5:
I want you to use two paragraphs. The first paragraph should
discuss what a positive externality is, the circumstances of the positive externality
you chose, how you benefitted from the externality (as a third party), and if the
government did enough, should do more, or should do less concerning the
externality and why. The second paragraph should discuss what a negative