1What are the costs and benefits of taking this course in microeconomics? Develop a theory of how much a student can be expected to study for this course. How might the student's current employment status affect her studying time?

7Explain why the "free-rider" problem is likely to be greater in a large group than in a small group.

8"Tit-for-tat" is a strategy people adopt in cooperative relationships. This strategy means that people will work with others so long as others work for them. Why is tit-for-tat so widely adopted? What does it imply for management strategy with colleagues in a firm and with buyers and suppliers?

9The common interest of people who are in a burning theater is to walk out in an orderly fashion and avoid a panic. If that is the case, why do people so frequently panic in such situations? Use rational behavior and the logic of collective action in your answer.