Economics 1

Homework 7
Textbook Problems

Frank and Bernanke chapter 4, numbers 2, 9, and 10.
Frank and Bernanke chapter 6, numbers 4, 9, and 10.

Due Friday, August 31 at 8:00am.

Homework 6
Estimating Elasticity

Calculate the price elasticity of demand for some good. You should use a newspaper article to find the effect of a change in price on quantity demanded.
Due Wednesday, August 29 at 8:00am.

Homework 5
Textbook Problems

Frank and Bernanke chapter 6, numbers 2 through 6.

Due Friday, August 24 at 8:00am.

Homework 4
Economics in the news

Select a news article from a reputable source (such as the New York Times, the Wall Street Journal, or the San Diego Union-Tribune). Write one short paragraph applying the principles of economics to the arguments or discussion of the article. Print out your article and attach it to the back of your paragraph. For example, you may discuss the cost benefit analysis of universal healthcare. Points will be given for accuracy, succinctness, and originality.

Due Friday, August 17th at 8:00am.

Homework 3
Changing Demand

Take the first three letters of your last name. For each of those letters, select a product that bbegins with the same letters. For example, my last name is Wignall, and I could choose water, ice cream, and gum. For each of the products you choose, list three things that affect demand and describe the effect (does it shift demand up or down?).

Your answers should be specific and concise; your complete answer should fit on one side of an 8.5X11 sheet of paper. No more than that will be graded.

Homework 2
Understanding Comparative Advantage

Choose a country that begins with the same letter as your last name (if this is difficult because, for example, your last name is Wignall and the only country you can think of is Wales, then you may use your first name). Answer the following:
  1. What comparative advantage does your country have relative to the United States?
  2. What comparative advantage does the United States have relative to your country?
  3. What do you think are the sources of these comparative advantages?
Your answers should be specific and concise; your complete answer must be in one short paragraph. Your homework is due by 8:00am Friday, August 10.

Homework 1
Should you finish college?

Carefully calculate all the costs and benefits of continuing college. Measure everything in dollars. Cite sources or otherwise justify the amounts you choose. Calculate the net benefit or net cost of finishing your undergraduate degree.

Be careful to consider your opportunity cost (what would you be doing if you weren't here?) and to avoid the sunk cost fallacy.

Your homework should be turned in on one side of an 8.5X11 sheet of paper by 8:00am Wednesday, August 8.