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REQUIREMENTS FOR THE FIRST DRAFT:
MUST BE TYPED
NO DEFINITIONS (JUST MENTION THE CONCEPT IN THE BEGINNING THAT U WILL BE COVERING IN THAT PAPER)
NO GRAPHS (PREFERABLY)
INFORMAL PAPER: 2- 3 PARAGRAPHS
NOT EXCEED 1 PAGE UNLESS YOU HAVE A FANTASTIC STORY TO TELL.
YOUR OWN EXPERIENCE/OBSERVATION FROM REAL LIFE THAT IS BASED ON AN ECONOMIC CONCEPT COVERD IN CLASS:
MOST IMPORTANT: THE FOLLOWING EXAMPLES ARE FOR GUIDANCE ONLY. YOU CANNOT USE THESE EXAMPLES BUT SIMILAR EXAMPLES FOR THE FOLLOWING CONCEPTS.
ONLY 1 STORY/EXAMPLE IS REQUIRED. IF U HAVE MORE THAN 1 STORY TO SHARE, U CAN PUT THEM ALL THERE AND I CAN LET U KNOW A TO WHICH ONE U SHOULD EXPAND.
EXAMPLES:
OPPORTUNITY COST: WHAT IS THE OPPORTUNITY COST OF TAKING THIS COURSE.
ELASTICITY AND TIME HORIZON: BUYING AN EXPENSIVE AIR TICKET IN AN EMERGENCY SITUATION COMPARED TO A LONGER PERIOD TO PLAN A TRIP AND MORE FLEXIBILITY /RESPONSE TO PRICE CHANGES.
DIMINISHING MARGINAL UTILITY: DIAMOND PENDANT STORY.
SUNK COST: CLASS EXAMPLES ABOUT WALKING OUT/STAYING IN TO WATCH A BORING MOVIE FOR WHICH U PAID $10
STORY ABOUT A PERSONAL RELATIONSHIP OF BEING IN A RELATIONSHIP OR MOVING ON TREATING THE TIME ALREADY SPENT AS SUNK COST.
LEAST PREFERRD STORIES ABOUT HOW YOU GO TO THE MARKET AND U FIND THAT ANY GOOD IS ON SALE AND U BUY MORE OF IT.
MOST LIKELY STORY (WHICH IS PERFECTLY FINE) IS WHERE U COMPARE THE ADDITIONAL(MARGINAL)COST VERSUS THE MARGINAL BENEFIT AND THEN MAKE A DECISION AS TO WHETHER IT IS WORTHWHILE DOING THAT ACTIVITY OR NOT.
