03 Krugman_Ch01_Problems

03 Krugman_Ch01_Problems - chapter 1 > First Principles...

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>> First Principles chapter 1 1. In each of the following situations, identify which of the nine principles is at work. a. You choose to shop at the local discount store rather than paying a higher price for the same merchandise at the local department store. b. On your spring vacation trip, your budget is limited to $35 a day. c. The student union provides a website on which departing students can sell items such as used books, appliances, and furniture rather than giving them away to their room- mates as they formerly did. d. You decide how many cups of coffee to have when studying the night before an exam by considering how much more work you can do by having another cup versus how jit- tery it will make you feel. e. There is limited lab space available to do the project required in Chemistry 101. The lab supervisor assigns lab time to each student based on when that student is able to come. f. You realize that you can graduate a semester early by forgoing a semester of study abroad. PROBLEMS
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g. At the student union, there is a bulletin board on which people advertise used items for sale, such as bicycles. Once you have adjusted for differences in quality, all the bikes sell for about the same price. h. You are better at performing lab experiments, and your lab-mate is better at writing lab reports. So the two of you agree that you will do all the experiments, and she will write up all the reports. i. State governments mandate that it is illegal to drive without passing a driving exam. 2. Describe some of the opportunity costs when you decide to do the following. a. Attend college instead of taking a job b . Watch a movie instead of studying for an exam c. Ride the bus instead of driving your car 3. Liza needs to buy a textbook for the next economics class. The price at the college bookstore is $65. One online site offers it for $55 and another site for $57. All prices include sales tax. The accompanying table indicates the typical shipping and handling charges for the
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This note was uploaded on 04/10/2008 for the course ECON 201 taught by Professor Zimmerman during the Spring '08 term at SD State.

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03 Krugman_Ch01_Problems - chapter 1 > First Principles...

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