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Economics Homework One - Model (view source)
Revision as of 19:02, September 13, 2009
, 19:02, September 13, 2009added one
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 Wii is a good. A theme park is a service. (Seth)
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 costs? Identify two specific transaction costs. 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 costs? Identify two specific transaction costs. Which option is cheaper for your family, and why?