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ECON103 Problem Set 5.pdf

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Department
Economics
Course
ECON 103
Professor
Ryan Allen
Semester
Spring

Description
U NIChapter 7: Problems 10, 18, 20, 28, 50 ECON 103 Section C100 C HAPTER 7 Problem #10: The best soil in the province of British Columbia in Delta is not used for farming because of its location close to the city, making it high cost farmland. It is more valuable when used for warehouses, airports, and housing. Problem #18: The expression that states "You can't have your cake, and eat it too" is consistent with the principles of economics we've looked at so far, specifically, the concept of cost. Eating the cake is a sunk cost. By eating the cake, it has cost the person to no longer have it. Problem #20: In this case, the economic concept that is exploited to guarantee an efficient decision is comparative advantage - "Individuals with different marginal costs grain from trade, even when marginal values are the same." The marginal value of the trade between the father and the kids
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