11/08/2008

Why Bother?

A fun blog is From Abba to Led Zeppelin. Each post quotes a bit of lyrics from a song and then adds a mock exam question for econ students based on those lyrics. My favourite is the one on "Satisfaction":

When I'm drivin' in my car
And that man comes on the radio
He's tellin' me more and more
About some useless information
Supposed to fire my imaginationI can't get no, oh no no no
Hey hey hey, that's what I say
I can't get no satisfaction
I can't get no satisfaction
'Cause I try and I try and I try and I try
I can't get no, I can't get no

Click to Listen

Assignment:

Mick Jagger dropped out of the London School of Economics to pursue a career with the Rolling Stones. His decision to quit proves that he learned something about opportunity cost! However, in the song he is never satisfied which is atypical. Most people become satisfied as they do more of something. Explain the theory of diminishing marginal utility and how it is applied throughout the song.

I can't post there, but I have an assignment of my own, based on Weezer's "Why Bother?" First, the full lyrics:

I know I should get next to you
You got a look that makes me think you're cool
But it's just sexual attraction
Not something real so I'd rather keep wackin'

Why bother? it's gonna hurt me
It's gonna kill when you desert me
This happened to me twice before
It won't happen to me anymore

I've known a lotta girls before
What's the harm in knowin' one more?
Maybe we could even get together
Maybe you could break my heart next summer

Why bother? it's gonna hurt me
It's gonna kill when you desert me
This happened to me twice before
It won't happen to me anymore

It's a cryin' shame I'm all alone
Not with you, nor her, nor anyone
Won't you knock me on my head
Crack it open let me outta here

Why bother? it's gonna hurt me
It's gonna kill when you desert me
This happened to me twice before
It won't happen to me anymore(x2)
Assignment:

The anticipated costs and benefits of an action are basic concepts of microeconomics. Explain these concepts with reference to the song lyrics. What do the lyrics suggest about the narrator's time discounting function?

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