New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Economic Ideas and Issues

by: Ilene Heathcote

Economic Ideas and Issues ECN 203

Marketplace > Syracuse University > Economcs > ECN 203 > Economic Ideas and Issues
Ilene Heathcote
GPA 3.98

Elizabeth Ashby

Almost Ready


These notes were just uploaded, and will be ready to view shortly.

Purchase these notes here, or revisit this page.

Either way, we'll remind you when they're ready :)

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Elizabeth Ashby
Class Notes
25 ?




Popular in Course

Popular in Economcs

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.


Reviews for Economic Ideas and Issues


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

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


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Bentley McCaw University of Florida

"I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

Kyle Maynard Purdue

"When you're taking detailed notes and trying to help everyone else out in the class, it really helps you learn and understand the I made $280 on my first study guide!"

Steve Martinelli UC Los Angeles

"There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.