Econ Homework 1 - Extra Credit Homework #1: Due January...

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Extra Credit Homework #1 : Due January 24 th by the end of your scheduled class. Directions : All homework answers MUST be TYPED. No EMAIL SUBMISSIONS. The homework is collected in class. If you can’t be in class then send your homework with a friend or turn it in EARLY under my office door (606 Kern) with your name and section time clearly marked. (1) Watch The Family Man movie clip (on ANGEL in the hw folder) and answer the following questions ($1,000): What is the opportunity cost (a concept from chapter 2 which we will discuss on Tuesday’s class) of moving to the city? Jack wants a “perfect life.” Do you think that this is possible? (Recall what I said about the costs of attaining perfection in chapter 1.) Is the ceteris paribus assumption (term near the end of chapter 1 that we’ll cover Tuesday) violated when Jack and Kate are making this decision? Explain why “holding everything else constant” is such a hard thing to do.
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This note was uploaded on 03/26/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Spring '08 term at Pennsylvania State University, University Park.

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Econ Homework 1 - Extra Credit Homework #1: Due January...

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