Assignment MicroNovember 1, 2017
When Tom Cruise gave away tickets, what was free and what was scarce? A. Explain your answer. The ticket was for free because he gave it away also the ticket was scarcity because he gave it away and the other hundred didn’t get it b. How does a successful movie illustrate self-interested choices that are also In the social Interest?
Explain In your own words. A successful movie increases the Income of the actors and the people who are working on It, It also affect the quantity of enjoyed entertainment therefore It benefits the society. So the choices the people made In their self-interest also reflected choices made In the social Interest 2. What might be an incentive for you to take a class in summer school? List some of the benefits and costs involved in your decisions. Would your choice be rational? My incentive will be to finish collage earlier.
And there are a lot of benefits such as the auricular will be easier because teachers will delete half of it and the course will take one month only instead of three. 3. Explain the Idea of a tradeoff and think of three tradeoffs that you have made today. Tradeoff is an exchange of one thing in return for another. 1- I went to my friend house instead of sleeping. 2- I didn’t have enough money so I bought cigarette instead of food. 3- I also went to the beach instead of sleeping so I haven’t slept for 32 hours 4. Explain why opportunity cost is the best forgone alternative and provide examples f some opportunity costs that you have made today.
Because you gave up something in order to go with your best solution taking it at 2:30 and I chose to take it. 5. Explain why choices respond to incentives and think of three incentives to which you have responded today. Choices respond to incentives because people pursue their self-interest and they allocate their scarce resources in ways that provide benefits to them. Also they think about the marginal costs and marginal benefits of the activities. 1- I summarized a paragraph for a bonus. 2- I did my homework early to go out at night