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ECON 002 HW 1 - city and taking a new career 2 The children...

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Michael Guerriero 8/29/08 ECON 002 Professor Mateer Homework 1 1. Although Jack would like to obtain a perfect life, the possibility of that happening is zero to none. As stated in class, perfection is not an option, it is way too costly to acquire. The opportunity cost is something that must be sacrificed to obtain something or to satisfy a want. In the “Family Man” clip, by moving to the city, they will miss out on being in New Jersey, living their current life. If they do not move to the city, they will miss out on being in such an urban area, and will have to commute to work, instead of just relocating for his new job. The ceteris paribus assumption means that “other things constant” or “other things equal”. Yes it is being violated because their lives will change due to them moving to a different
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Unformatted text preview: city and taking a new career. 2. The children that go around on Halloween could ask the people if they have a specific type of candy as opposed to just giving them. Also, the adults putting out the candy can place a bowl outside with an assortment of candy, so the children may take the candy that they only like. Instead of giving candy out on Halloween, the houses could give out money, just like Kevin Hassett states, “the first step would be for Halloween donors to give kids money instead of candy”. By doing this, they kids could use the money towards whatever they like, which is assumed by self interest, which means individuals never purposely make decisions that would make them worse than previous....
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