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Lecture 7

ECON 2200 Lecture 7: ECON 2200 lecture 7
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3 Pages
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Department
Economics
Course Code
ECON 2200
Professor
Samia Challal

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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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Description
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 its letting a family member know that lives far away about a recent death. This would have
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