Econ writing assignment #1

Econ writing assignment #1 - efficiency Weighing the cost...

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Haowen Zheng Econ Writing Assignment #1 2.9.2011 Why students save seats for themselves and their friends In Cornell University, we can always see some students get up early and save seats for themselves, sometimes even for their roommates or their friends. This is so common that we can see this happen at lecture, at discussion and in the dining hall. In order to account for this phenomenon, I use cost-benefit principle. Let’s say you get up early in the morning in order to save a seat because there are too many students taking this class (for instance, econ 1110. There’s almost no seat at the first lecture). What’s the opportunity cost of doing this? You may spend less time in bed and can’t have breakfast. However, the benefit is that you can take a quite nice position in the classroom so that you don’t need to worry about the things that you can’t see blackboard or can’t hear the professor clearly. Thus you can easily concentrate on the class and improve your learning
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Unformatted text preview: efficiency. Weighing the cost and benefit, you may choose to get up early and save a seat because you think the benefit outweighs the cost. Rational people always think at the margin. So let’s consider why students save seats for their roommates or their friends. You may say that these students are just attentive and considerate. But when we use economic principle, this is all about marginal analysis. Let’s say you’ve already take a seat, and the marginal cost of saving another seat for your friend is almost zero. But the marginal benefit is large. Your friend will be grateful for your action and think of you as an attentive person. You may also receive some certain kind of rewards from your friend as a result of your act. Because the marginal benefit is much larger than the marginal cost so people would like to save seats for their friends. This is the phenomenon I’ve observed and I explained it using cost-benefit principle....
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Econ writing assignment #1 - efficiency Weighing the cost...

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