ec-1 - E201 Spring 2009 HOMEWORK #1 Reminder: If you are...

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E201 Spring 2009 HOMEWORK #1 Reminder: If you are attending a learning group, you will hand in your homework at the beginning of each session. Full credit is given for a good faith effort on all problems. Group work is ok, even encouraged, but the answers you hand in must be your own. Please use a word processor or neatly write your answers on a separate paper. 1. Determine which category of resources each of the following belongs in: a. a taxicab b. computer software c. one hour of psychological counseling d. a parking lot e. a forest f. the Mississippi River g. a prison 2. The IDS is a free good. True/false/explain. 3. What is the opportunity cost of purchasing a $500 stereo system? Of producing a $500 stereo? 4. a. What do you sacrifice to attend your E201 class on a given day? (List all relevant alternatives.) b. What is the opportunity cost of attending E201 on a given day? Explain. 5. You win a full scholarship to graduate school in advanced enigmatology (that = s the study of crossword puzzles), but expect to reap little benefit from this study. Nonetheless, you decide to go because it's free. What's wrong with this thinking?
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ec-1 - E201 Spring 2009 HOMEWORK #1 Reminder: If you are...

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