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ECON103 Problem Set 1.pdf

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Department
Economics
Course
ECON 103
Professor
Ryan Allen
Semester
Spring

Description
U NIT 2-P ROBLEM SET #1 Chapter 2: Problems 4, 8, 12 Chapter 3: Problems 4, 6 ECON 103 Section C100 C HAPTER 2 Problem #4: It is not necessarily true that Dundee must have been a great trainer. The Sterling commercial demonstrated that Dundee has the ability to see potential in people and merchandize, in this case, a car. Even though the commercial indicated he saw the talent in the car, it does not show any indication that the car can be "trained" to be a great car. In conclusion, as seen from the Sterling commercial, Dundee is not necessarily a great trainer. Problem #8: The newspaper machines expose all of the newspapers upon purchase because the consumer gets the marginal gain from the first newspaper that is taken out. The other newspapers in the machine contains exactly the same information as the first newspaper. Therefore, there is nothing gained from getting multiple newspaper from the machine. On the other hand, candy machines dispense one candy per purchase because candies are consumable, and the second candy will taste just as good as the first. If the candy machine expose all of the candies to the consumer with one purchase, the consumer's marginal gain would be all of the candy that is within the machine. Therefore, candy machines only dispense one candy per purchase. Problem #12: As an economist, I feel that the number "25%" is fairly high for the number of people who feel that they are able to fulfill their retirement dreams. In modern days, the price of most consumer goods has increased greatly, while the wage for most jobs has been more or less constant. Also, for the Canadians with children, there is electronics, tuition, and textbook money to add on to their expenses. Needless to say, cost of tuition and textbooks are also constantly increasing. Children nowadays are very unlikely to be able to obtain a part time job that will provide sufficient money to pay for their own secondary education. As a result, most parents will financially support their children longer than in previous generations. This means that the lif
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