Reference no: EM132511804
Let's say that on the first day of this class, Econ 10 B, 90 students try to get in, but there are only 70 seats available. Let's say that we cannot change rooms, and we cannot wait for 20 students to drop the class. We must decide which 70 students to let in, and which 20 to reject. This can be called RESOURCE ALLOCATON.
A. Please explain this problem in terms of Supply, Demand, Price and Quantity.
B. Please list and discuss at least five methods of allocating this resource --- that is, five ways of deciding which 70 people to let in and which 20 people to ... NOT let in. Assume that you have the time and resources necessary to check into the background of all 90 people --- units needed to transfer, GPA, past attendance records - if you desire to do so.
C. Please RANK your various methods of allocating this resource from the "BEST" method to the "WORST" method, and defend your ranking system.
D. As the rationing body, what are your GOALS? Among these 90 people, what TRAITS or CHARACTERISITCS do you want to reward? WHY?
E. What would the "highest bidder" system (also known as the 'free market' system) do in this case?
F. Most of us see the 'free market' solution as the wrong outcome in this case. Why? Why is education different from a car sold by Ford or a burger sold by McDonalds?
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