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ECN 340 (237)
Lecture

Lecture 3

2 Pages
133 Views

Department
Economics
Course Code
ECN 340
Professor
Thomas Barbiero

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Anything Worth Doing Is Not Necessarily Worth Doing Well
Anything Worth Doing:
People do things less well because of the added marginal cost
Writing a “C” paper is less costly than writing an “A paper
Values of professor and student are different
What quality level to strive for?
oDepends on your goals
Why the Young go to University:
Young more accustomed to the routine of school
Young do not have family responsibility
Young realize the value of education
The answer? MC = MB issue
Young’s cost is lower and benefit is larger – Gains for longer period of time
Students Walking On the Grass:
Most people enjoy a beautiful lawn. So why do people walk on it?
Grass may be a short cut, thus it can bring a benefit
MC is close to zero if there is already a path there
Most people think that if they ALONE walk on the grass, the MC will be close to zero
Path created without anyone wanting it
Pollution:
Pollution may be rational is other’s behaviour cannot be controlled – Escalation occurs
Noise in a restaurant – Higher and higher
Why in a large group of people is there no one who helps out the victim?
oBecause people do not want themselves want to be injured or end up dead
oPeople often hope that someone else will come and help out the victim so they do
not have to
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Description
Anything Worth Doing Is Not Necessarily Worth Doing Well Anything Worth Doing: People do things less well because of the added marginal cost Writing a C paper is less costly than writing an A paper Values of professor and student are different What quality level to strive for? o Depends on your goals Why the Young go to University: Young more accustomed to the routine of school Young do not have family responsibility Young realize the value of education The answer? MC = MB issue Youngs cost is lower and benefit is larger Gains for longer period of time Students Walking On the Grass: Most people enjoy a beautiful lawn. So why do people walk on it?
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