Principles of Microeconomics + DiscoverEcon code card

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UNIVERSITY OF CALIFORNIA SANTA BARBARA Economics 1 Francisco Azeredo Principles of Economics Ben Hansen Summer 2007 Session A Homework #1 I. Problems: Chapter 1 I.1 Book Problems Please place your answers in the space below. Q1.  Q2.  Q5.  1
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Q8. I.2 Additional Problems Q1. There is a garage sale near your house and you notice that your neighbor is selling a  tennis racket for $20. You know that at e-bay you could sell it for $50. You then calculate  that it takes 1 hour to buy the racket, post it on the website, and ship it once sold.  a. If your hour is worth $10 to you, what would be the economic surplus of  undertaking this mini-project? Would you do it in this case? 2
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b. If your hour is worth $40 to you, what would be the economic surplus of  undertaking this mini-project? Would you do it in this case?
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