ECN 340 Lecture 2: Chapter 2 – Anything worth Doing
27 Jan 2017
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Document Summary
Anything worth doing may not be worth doing well! People do things less well because of the added (marginal) cost. Writing a c paper is less than writing an a paper. Values of a professor and student are different. What quality level to strive for: it is what is okay to you, based on your priorities. The answer: young"s opportunity costs lower, young"s benefits are larger gains for longer period of time than an older person. Grass may be a short cut, this can bring benefits. Marginal cost is close to zero if the path is already there. Most people think that if the alone walk on the grass, the marginal cost will be close to zero. Thus, a path in the grass is create without anyone wanting it. It occurs because each person believes the mc they contribute is low. Polluting may be rational if other"s behaviour cannot be controlled escalation can occur.
