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Eco 550 week 1 chapter questions 1, 2 and 17
1. ECO 550 Week 1 Chapter Questions 1, 2 and 17
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Week 1 Chapter 1 Question 17
People join tennis clubs for a fixed fee per year, which entitles them to play as much as they
want without charge. Because people who pay these fees play more tennis than others (who
can use free public courts), this means sunk costs matter for decisions. Right?
Week 1 Chapter 1 Question 2
When discussing the maximization of utility, regardless of whether you chose to work more
hours or fewer when offered a higher hourly wage, you could not be worse off than you
were at a lower hourly wage. Can you show this?
Week 1 Chapter 2 Question 1
How does the existence of money reduce the costs of making transactions, relative to a
society based entirely on barter? English is becoming the usual language for international
transactions, even if the language of neither country is English. How does this reduce the
costs of transacting?