Can YOU Solve It? This Question Stumped 75% Of PhD Economists
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Description
Introductory economics courses cover the concept of an opportunity cost. Can you figure out the opportunity cost for the problem in the video? This video presents a question that surprisingly more than 75% of PhD economists did not answer correctly.
Paper
Paul J Ferraro; and Laura O. Taylor. 2005. "Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-14, September.
Available online: http://www2.gsu.edu/~wwwcec/docs/ferrarotaylorbep.pdf
Authors and affiliations
Paul J Ferraro. Johns Hopkins University. http://www2.gsu.edu/~wwwcec/
Laura O. Taylor. North Carolina State University. http://www4.ncsu.edu/~lotaylor/
Blog post (text version): http://wp.me/p6aMk-4q3
If you like my videos, you can support me at Patreon: http://www.patreon.com/mindyourdecisions
Connect on social media. I update each site when I have a new video or blog post, so you can follow me on whichever method is most convenient for you.
My Blog: http://mindyourdecisions.com/blog/
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Instagram: https://instagram.com/preshtalwalkar/
Patreon: http://www.patreon.com/mindyourdecisions
Newsletter (sent about 2 times a year): http://eepurl.com/KvS0r
My Books
Here's a listing of all my books
http://goo.gl/BDlEkB
Here's a more detailed description of each book...
"The Joy of Game Theory" shows how you can use math to out-think your competition. (rated 4/5 stars on 21 reviews) http://amzn.to/1uQvA20
"Math Puzzles Volume 1" features classic brain teasers and riddles with complete solutions for problems in counting, geometry, probability, and game theory. Volume 1 is rated 4.6/5 stars on 9 reviews. http://amzn.to/1GhUUSH
"Math Puzzles Volume 2" is a sequel book with more great problems. http://amzn.to/1NKbyCs
"Math Puzzles Volume 3" is the third in the series. http://amzn.to/1NKbGlp
"40 Paradoxes in Logic, Probability, and Game Theory" contains thought-provoking and counter-intuitive results. (rated 4.9/5 stars on 7 reviews) http://amzn.to/1LOCI4U
"The Best Mental Math Tricks" teaches how you can look like a math genius by solving problems in your head http://amzn.to/18maAdo
"Multiply Numbers By Drawing Lines" This book is a reference guide for my video that has over 1 million views on a geometric method to multiply numbers. http://amzn.to/XRm7M4
Paper
Paul J Ferraro; and Laura O. Taylor. 2005. "Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-14, September.
Available online: http://www2.gsu.edu/~wwwcec/docs/ferrarotaylorbep.pdf
Authors and affiliations
Paul J Ferraro. Johns Hopkins University. http://www2.gsu.edu/~wwwcec/
Laura O. Taylor. North Carolina State University. http://www4.ncsu.edu/~lotaylor/
Blog post (text version): http://wp.me/p6aMk-4q3
If you like my videos, you can support me at Patreon: http://www.patreon.com/mindyourdecisions
Connect on social media. I update each site when I have a new video or blog post, so you can follow me on whichever method is most convenient for you.
My Blog: http://mindyourdecisions.com/blog/
Twitter: http://twitter.com/preshtalwalkar
Facebook: https://www.facebook.com/pages/Mind-Your-Decisions/168446714965
Google+: https://plus.google.com/108336608566588374147/posts
Pinterest: https://www.pinterest.com/preshtalwalkar/
Tumblr: http://preshtalwalkar.tumblr.com/
Instagram: https://instagram.com/preshtalwalkar/
Patreon: http://www.patreon.com/mindyourdecisions
Newsletter (sent about 2 times a year): http://eepurl.com/KvS0r
My Books
Here's a listing of all my books
http://goo.gl/BDlEkB
Here's a more detailed description of each book...
"The Joy of Game Theory" shows how you can use math to out-think your competition. (rated 4/5 stars on 21 reviews) http://amzn.to/1uQvA20
"Math Puzzles Volume 1" features classic brain teasers and riddles with complete solutions for problems in counting, geometry, probability, and game theory. Volume 1 is rated 4.6/5 stars on 9 reviews. http://amzn.to/1GhUUSH
"Math Puzzles Volume 2" is a sequel book with more great problems. http://amzn.to/1NKbyCs
"Math Puzzles Volume 3" is the third in the series. http://amzn.to/1NKbGlp
"40 Paradoxes in Logic, Probability, and Game Theory" contains thought-provoking and counter-intuitive results. (rated 4.9/5 stars on 7 reviews) http://amzn.to/1LOCI4U
"The Best Mental Math Tricks" teaches how you can look like a math genius by solving problems in your head http://amzn.to/18maAdo
"Multiply Numbers By Drawing Lines" This book is a reference guide for my video that has over 1 million views on a geometric method to multiply numbers. http://amzn.to/XRm7M4
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