Application Essay Assignment One
Due October 2 (for MWF classes) or October 3 (for TTh classes)
Pick one of the following options to write about. For the option you select, completely answer all of the questions listed for that option in essay form. Remember that you are being graded on how well you can use economic tools (not just the vocabulary).
OPTION ONE-"Do it Yourself"
Write a brief essay about a recent decision of yours to produce a good or service for yourself rather than trading to obtain it. Be sure to address the following.
1. Give a specific single example of a good that you have produced for yourself (even though you could have bought it) or a service you performed for yourself (even though you could have paid someone else to do it for you).
2. What economic tool or tools could we use to understand your decision to "do it yourself?" Name them.
3. In this particular case, what was the marginal opportunity cost to you of "doing it yourself?" Be specific.
4. In this particular case, what would have been the marginal opportunity cost to you of having someone else produce the good or service for you? Be specific.
5. In this particular case, was the marginal utility of producing the good or service for yourself the same as the marginal utility would have been of having someone else produce it? If not, explain.
6. Explain how your decision made economic sense at the time you decided to "do it yourself," in terms of the costs and benefits (utility).
7. Under what circumstances would you have made a different decision? Give a specific example of an event or situation that would have caused you to decide differently.
8. Specifically, how would the circumstances in #7 have altered the costs or utility you faced in your decision?
OPTION TWO-"Trading to Get Something"
Write a brief essay about a recent decision of yours to trade (buy or pay) to obtain a good or service rather than produce it yourself. Be sure to address the following.
1. Give a specific single example of a good that you bought (even though you could have made it yourself) or a service you paid someone else to provide (even though you could have performed it yourself).
2. What economic tool or tools could we use to understand your decision to "trade to get something?" Name them.
3. In this particular case, what would have been the marginal opportunity cost to you of "doing it yourself?" Be specific.
4. In this particular case, what was the marginal opportunity cost to you of having someone else produce the good or service for you? Be specific.
5. In this particular case, would the marginal utility of producing the good or service for yourself have been the same as the marginal utility of having someone else produce it? If not, explain.
6. Explain how your decision made economic sense at the time you decided to "trade," in terms of the costs and benefits (utility).
7. Under what circumstances would you have made a different decision? Give a specific example of an event or situation that would have caused you to decide differently.
8. Specifically, how would the circumstances in #7 have altered the costs or utility you faced in your decision?
OPTION THREE-"Does Voting Make Sense?"
Write a brief essay about a your plan to vote or not vote in the upcoming General Election in November (if you are eligible to vote). Please note that I don't care who you will vote for, or what ballot propositions you will support unless they enter into your decision to vote or not. Be sure to address the following.
1. At this time, do you plan to vote?
2. What economic tool or tools could we use to understand your decision to vote or not vote? Name them.
3. What do you expect to be the marginal opportunity cost to you of voting? Be specific.
4. What do you expect will be the marginal utility to you of voting? Explain what you might get out of it.
5. How much effect do you think your one vote will have on the outcome of the election? Is this important in determining your marginal utility of voting?
6. Explain how your decision to vote or not vote makes economic sense, in terms of the costs and benefits (utility).
7. Under what circumstances would you make a different decision? Give a specific example of an event or situation that would cause you to decide differently.
8. Specifically, how would the circumstances in #7 alter the costs or utility you face in your decision?
OPTION FOUR-"How Much Should I Study?"
Write a brief essay about the your decision concerning how much time to devote to studying economics for a particular week. Be sure to address the following.
1. Either keep track of the number of hours you study and read for this class (excluding writing this essay) in an upcoming week, or reconstruct the information for a previous week. How many hours did you study?
2. What economic tool or tools could we use to understand your decision concerning how much to study? Name them.
3. In actual practice, do you decide how much time to study in a week at the beginning of the week, or do you make the decision (or modify it) as the week progresses?
4. As the week goes on and you study more and more for this class, what happens to the marginal opportunity cost of studying an additional chunk of time (such as another ten minutes)?
5. As the week goes on and you study more and more for this class, what happens to the marginal utility of studying an additional chunk of time (such as another ten minutes)?
6. Explain how you decide when to stop studying, in terms of the costs and benefits (utility).
7. Under what circumstances would you have decided to study more than you actually did? Give a specific example of an event or situation that would have caused you to decide differently.
8. Specifically, how would the circumstances in #7 have altered the costs or utility you faced in your decision?
Whichever of the four options you decide to select, make sure that you clearly answer all of the questions for your topic. Be as brief as you can while still answering the questions. Make sure you write in essay form, using complete sentences and paragraphs. You may combine more than one answer in a single paragraph, if the questions are related (7 and 8 might go together, for example).
Your essay must be written on a word processor (or typed) and double-spaced. Use a spell checker (and grammar checker, if possible). Do not put your essay in a binder or cover. Do not make a title page. Please staple pages together (don't use paper clips).