Economic Ideas and Issues
Economic Ideas and Issues ECN 203
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This 3 page Class Notes was uploaded by Ilene Heathcote on Wednesday October 21, 2015. The Class Notes belongs to ECN 203 at Syracuse University taught by Elizabeth Ashby in Fall. Since its upload, it has received 33 views. For similar materials see /class/225645/ecn-203-syracuse-university in Economcs at Syracuse University.
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Date Created: 10/21/15
Economics 203 HW1 Course ID Due Thursda Janua 24th in class Section y 1y 1 What is the fundamental concept of economics Explain What is opportunity cost and how does it follow from the fundamental concept above Give an example of a decision you ve made in the past and the opportunity cost of your decision 2 Fill in the blanks below and answer the question to follow CLkies Marginal Utili MUL Total Utility TUL l 32 2 28 3 7 8 1 4 11 7 5 92 6 6 If cookies are free when should this individual stop eating cookies Brie y explain LN There are three activities exercising video games and cleaning Joe spends his time on Joe prefers exercising initially to his other two activities but he tires quickly while exercising Joe likes video games more than he likes studying and video games keeps his interest longer than his other two activities Cleaning is the least preferred out of all of his activities and he tires of cleaning quickly However Joe will study if he has the time to do so Sketch three diagrams sidebysiale representing the marginal utility Joe receives for each unit of time spent on his three activities Brie y explain your diagrams 4 Coco designs and produces hats Table A shows the marginal product measured in hats Table B shows the marginal utility associated with each hat she creates Use this information to At what point does Coco experience diminishing marginal product If Coco has an endless amount of resources to produce hats when should she stop producing them Briefly Explain 5 John has three exams MAT 121 SOC 101 ECN 203 To make sure he gets the most from his study time John determines the value he gets from each hour he spends studying for each subject and provides the information in the table below John s Value V for Each Hour Spent Studying for MAT 121 SOC 101 ECN 203 Total Utili in Parentheses Hours Spent V V V Studying MAT 121 SOC 101 ECN 203 1 190 190 99 99 165 165 2 158 348 84 183 123 288 3 119 467 72 255 72 360 4 72 539 32 287 18 378 5 24 563 0 287 0 378 6 0 563 0 287 0 378 a Based on the information provided in the table above how many hours does John need in total to reach his bliss point Explain how you nd this point 57 Based on the information provided in the table above how should John allocate his time if he has 10 hours to study for his exams Specify the amount of time John should study for each subject and explain your answer c Based on the information provided in the table above how should John allocate his time if he has 11 hours to study for exams Explain
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