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WRIT101 Economics Questions

Question Description

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

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