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Lecture 7

ECON 2200 Lecture 7: ECON 2200 lecture 7Premium

3 pages87 viewsWinter 2018

Department
Economics
Course Code
ECON 2200
Professor
Samia Challal
Lecture
7

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ECON 2200
Lecture 7
a. Compare the costs of each type of transmission.
telegraphs were more expensive
telegraph (1890) cost $1.00
$1.00 would be worth about $23.00 today
letter (1890) cost $.02
b. List the factors that determine the economic value of a
message.
Expected mean time
RR delivered postal, so mean time was higher than
telegraph
Variance between times
How likely is it to get there in the mean time? RR
might break down and then the mean time would
not matter.
Content of the message
Letter to grandmother versus important business
information.
Point of origin and destination
c. Private Benefits
Time sensitive information
Even if it’s letting a family member know that lives
far away about a recent death. This would have
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