This is a longer paper is to be a properly formatted (APA) paper and all that entails (abstract, title page, references) that I expect will take at least 3 but no more than 5 pages to do properly. It is to take the material discussed in the course and apply it to some issue or observation in your own life. The basic format is:

Explain the issue, problem or observation
Analyze it using the economic way of thinking – possible approaches include (you do not need to use them all and these are only some you may consider)
Cost-benefit analysis
Externalities and unintended consequences analysis
Asymmetric and information problems
Perverse incentives
This is where you allow for your own judgment to come in on how to solve or at least properly analyze the issue.

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Ideas can come from church, school, home, personal life and so forth. Try to avoid big national issues, that is not the focus of this class and we are looking to apply these ideas, theories and concepts to every day life.

A brief example:

Problem: Some schools have decided to eliminate trays on their cafeterias as an environmental move to save on washing and use of water and soap and so forth.

Analysis: (this is an externality and unintended cost approach). The cost of this move is more spills on the floor, more foot traffic as people make more trips to the serving area, possibly more broken dishes, dirtier tables,etc.

Conclusion: Seems like management may be trading in one sort of cleaning (dirty trays) for others (tables and floors) and pushed some of the costs onto others, specifically diners, as they take more time making trips back and forth. Would try to monetize and compare these trade offs since they are real and impose real burdens every day on people.

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