Econ 11

Prof Woolf

Homework 1 Due Jan 31, 2005

Please note: Please submit your homeworks typed, not hand written. You can do any graphs by hand, but other answers should be typed. Also note that I have added a new Part III to this assignment on Jan 28.

Part I.

Read the following: http://www.panarchy.org/bastiat/petition.eng.1845.html

Briefly (1 or 2 sentences) answer the following questions:

1. Who is the competitor that the candle makers are complaining about?

2. Why is the competitor unfair?

3. Who benefits from the competition that the candle makers face?

4. Who is hurt by the competition?

5. If you were the king of France in the 1840s, what would you have done if presented with this petition?

Part II.

Chapter 3 Questions for Review 1 and 4

Chapter 3 Problems and applications problems 3 and 9

Part III.

We will be beginning a stock market simulation activity in about 10 days. You will work on teams of 3 people. You each need to find a group of three people to work with for this exercise, which will last for 10 weeks. For Part III of the homeowrk, write down the three people on your team and their emails addresses.