Textbook Notes (367,988)
Canada (161,542)
Economics (923)
ECN 340 (22)
Chapter 2

ECN 304 Chapter 2.docx

2 Pages
116 Views
Unlock Document

Department
Economics
Course
ECN 340
Professor
Thomas Barbiero
Semester
Fall

Description
ECN 304­ Week 3 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 (Opportunity) • Values of a professor and a student are different  • The question is…What quality level should you strive for?  Why the Young go to University • Young are more accustomed to the routine of school?  • Young do not have family responsibility? • Young realize the value of education? • Young intellectually more alive?  • The answer? MC=MB • Young’s costs lower • Young’s benefits are larger­ gains for a longer period of time Students Walking on the Grass • Most people enjoy a beautiful lawn, So what do people walk on it? • Nobody wants to be the first to do it but when it’s already walked on, it seems like  the cost is really low • Grass may be a short cut, thus can bring benefits to the INDIVIDUAL  • MC is close to zero if the path is already there  • Most people think that if they ALONE walk on the grass, the MC will be close to  zero • In the end, the path is created in the beautiful path that no one wanted because  individuals think they are the only ones who are going to walk on the grass  Pollution • Polluting may be rational if the others behavior cannot be controlled­ escalation  occurs • The opportunity cost may be less for you if you pollute because it may be faster  • Noise in a restaurant
More Less

Related notes for ECN 340

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit