101H1 - Homework#1 Economics 101 Dr Dezhbakhsh You must do...

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Homework #1 Economics 101 Dr. Dezhbakhsh You must do all of these practice problems, but only turn in the ones designated as TURN-IN. You do the problems on an ongoing basis and as we cover each topic (see the syllabus). You turn in the solutions to the TURN-IN problems (STAPLED AND NEAT) one week before the exam as noted on the syllabus. Solutions to all problems will then be posted. Basic Economic Concepts 1-(TURN-IN) The rate of population growth in US has been declining in the past three decades. This period also coincides with increased labor force participation by women. Provide an economic explanation for the decrease in population growth. 2- The rate of growth of population is high in most countries with a low per capita income. Explain this observation using concepts of implicit cost, opportunity cost, and cost of time. 3- Most pizza joints claim to have "free delivery." Is it economically possible to have free service? Explain what is really going on here. 4- Students who live around campus often complain about high rent and relatively low quality of housing, yet they do not move away from campus. Explain why housing is expensive around campus and use the concept of implicit cost to justify students' hesitation to move away from campus. 5- Explain why the enrollment in colleges and universities increases at times of economic recession. Make a distinction between explicit and implicit costs in your explanation. 6- Many people give money to charities. What is the opportunity cost of giving your money to a charity/ Provide an economic justification for such philanthropic behaviors. Which one of the ten principles are these people following when they give money to charity. 7- (TURN-IN) Explain why from an economic point of view towing a car illegally parked rather than just ticketing it provides a better incentive (for both rich and low income individuals) not to break the law.
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