ECO 110HA Saint Leo University Economics Questions Discussion

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gvtrezx47

Economics

ECO 110HA

Saint Leo University

ECO

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1. You have made the decision to pursue higher education. Describe the economist’s view of how a decision like that is made. Using marginal analysis, make sure you evaluate the “rationality” of the decision and explain why the following statement is irrational: "Higher education is priceless, so everyone should pursue a degree no matter the cost.”


2. Recall your readings about Shaq moving furniture and playing basketball. Use both absolute and comparative advantage to explain the following: Suppose you have one partner for a school project requiring both math and writing skills. If you are better than your partner at both math and writing, does this mean you should be responsible for both parts? Use comparative and absolute advantage to explain.


3. The Econville News reports the invention of a machine that allows cows to milk themselves. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.


4. The Econville News reports that drinking at least 8 ounces of milk a day increases bone density 10% over a life time. Provide a brief written description/explanation of the effect of this news on the equilibrium price and quantity of milk.


5. Consider a time in your life when you have benefited from an externality and a time when you have suffered from an externality. Make sure to clearly describe your role and the type of externality. What is your opinion about the role of government in each of these situations?


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Running Head: ECONOMICS Q&A

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Economics Q&A
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ECONOMICS Q&A

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Economics Q&A
1. You have decided to pursue higher education. Describe the economist’s view of how a
decision like that is made. Using marginal analysis, make sure you evaluate the
“rationality” of the decision and explain why the following statement is irrational: "Higher
education is priceless, so everyone should pursue a degree no matter the cost.”
An economist will look into the cost and benefits of any decision they make. For a
decision to be valid to an economist, the benefits must exceed the costs (Boyes, & Melvin, 2013).
This is not in consideration of the number of listed costs and benefits, but the magnitude of each
cost/benefit. Higher education is a decision that needs a marginal analysis to embrace. I
considered how higher education will improve my life, and some of the benefits I realized were
that it will make me a better economist and decision-maker in my later life. I also needed to be
marketable and resourceful to the workplace and the world at large, in which higher education
could deliver value to my life. The major costs include the time spent in school and the money
spent on school fees and other school-related expenses. My decision was rational because it
maximizes the benefits over the cost. The statement that “Higher education is priceless, so
everyone should pursue a degree no matter the cost” is irrational because to some people it can
incur more costs than benefits. An example is a person with special talents that only needs an
academy to enhance. It will be irrational for such a person to attend a college that will not
promote their in-demand talent.
2. Recall your readings about Shaq moving furniture and playing basketball.
Use both absolute and comparative advantage to explain the following: Suppose you have
one partner for a school project requiring both math and writing skills. If you are better

ECONOMICS Q&A

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than your partner at both math and writing, does this mean you should be responsible for
both parts? Use comparative and absolute advantage to explain.
If I am better than the partner in both math and writing that means that I have a
comparative advantage above the partner, but this cannot be an absolute advantage (Boyes, &
Melvin, 2013).

Maybe, if I handle both parts we will have the work delivered after the deadline

and get a zero, or maybe, I w...


Anonymous
Just what I needed…Fantastic!

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