Homework1 - Brianna Sheppard September 6, 2007 Econ. 002,...

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Brianna Sheppard September 6, 2007 Econ. 002, Section 003 Homework #1 Question # 1 1) What is the opportunity cost (concept from chapter 2 which we will discuss on Tuesday’s class) of moving to the city? What is the opportunity cost of staying in Jersey? The opportunity cost of moving to the city is his family’s comfort and happiness. His daughter will have to leave the school she loves and the family will have to leave the home they have made their own. The opportunity cost of staying in Jersey is either he will have to commute and become disconnected from his children, or he will have to forego his dream job. 2) 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.) No, there is no such thing as a “perfect life” because with every decision there comes a marginal cost for every marginal benefit. Even when the marginal benefit is extremely high, there will always be a cost. In this case Jack’s idea of a
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This note was uploaded on 03/31/2008 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Fall '08 term at Pennsylvania State University, University Park.

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Homework1 - Brianna Sheppard September 6, 2007 Econ. 002,...

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