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Economics Homework One Answers - Student Sixteen (view source)
Revision as of 15:42, September 11, 2009
, 15:42, September 11, 2009no edit summary
'''1. Give an example of a "good" not in the lecture, and an example of a "service" not in the lecture:'''
'''1. Give an example of a "good" not in the lecture, and an example of a "service" not in the lecture:'''
A good would be an Electronic device , IE. Cellphone, Computer, Video game. We do not need these things, but it is something that we want. For a service, I would say a Plumber. Without them who would fix our drains when they are clogged and not working right? We pay for their service, but do not have to put any effort into helping them.
A good would be an Electronic device , IE. Cellphone, Computer, Video game. We do not need these things, but it is something that we want. For a service, I would say a Plumber. Without them who would fix our drains when they are clogged and not working correctly? We pay for their service, but do not have to put any effort into helping them.
'''2. Imagine that your family has two options for dinner: eat at home, or go out to eat at McDonald's. Which option incurs more transaction cost? Identify two specific transaction cost. Which option is cheaper for your family, and why?:'''
'''2. Imagine that your family has two options for dinner: eat at home, or go out to eat at McDonald's. Which option incurs more transaction cost? Identify two specific transaction cost. Which option is cheaper for your family, and why?:'''