FreeEconHelp.com, Learning Economics... Solved!: fun
Showing posts with label fun. Show all posts
Showing posts with label fun. Show all posts

7/11/11

Real world example of economics: an application using elasticities

12:47
Real world example of economics: an application using elasticities
I was reading an article on yahoo! about tough interview questions.  Most of them are tricky, and to be honest some are obscure such as:

"Estimate the market size of IVF treatment in Sweden." -- For a management consulting position.

Or:

"What is the revenue of an inner city Sydney gym?" -- For an associate consultant position.

Some involved simple math including:

7/10/11

The law of economics, what is it?

14:17
The law of economics, what is it?

I have gotten a few questions about what "the law of economics is".  Unfortunately I don't even know the answer to this question.  I think because there is no answer to this question.  Here was my answer to the person asking this question:






Hi, I got your question the other day and I would like to clarify what you are asking.

First, economics is the science of resource allocation or decision making, so there is no real "law of economics" because many things come into play.
Second, most laws in economics are assigned to individual theories like the law of demand (negative relationship between price and quantity) or law of supply.

Let me know if that helps, or if I misinterpreted your question please give me some context so I can better help you.

But the more I think about it, I think that many things could be considered economic law,

6/16/11

Economics of Weiner's weiner part deux

11:06
Economics of Weiner's weiner part deux
So today we have seen that Anthony Weiner has finally decided to step down from his position has a congressman.  Most of us will probably say it is about time, but we have to give him a little bit of respect for trying to stick it out (haha).  Anyway, this latest action also relates to some economic concepts.  In economics we have a theory called signalling, and the action of signalling will only be effective if the source has credibility.  Given what has happened to Weiner in the past few weeks, I am going to guess that he does not have much credibility left.

6/9/11

The Economics of Weiner's weiner, a funny example of economics

10:54
The Economics of Weiner's weiner, a funny example of economics
Anothony Weiner has been in the news a lot lately, because of his apparent tweeting of lewd body parts to a female friend through twitter.  Recently he has come forward to admit that he in fact did make the tweet, and that he was not hacked.  You may be asking yourself why you are reading about Weiner's weiner on an economics website but there is a good reason, two actually.  The first is that we could predict something like this to happen using economics, and the second is because sometimes people want to learn economics through something besides math and monetary examples.

Lets consider first Weiner's behavior to decide to commit this act in the first place.  Economists believe that individuals are rational meaning that they act in their own best judgement to maximize their utility.  So lets think about this, Weiner decided it was in his best interest to