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1 2 3 4 (Sumpin' New) - Coolio - Coolio
In this excerpt, Coolio suggests that he would rap for no money. Draw a representative labor supply curve.
[HT: Julianne Treme]
Hole In The Bucket - Spearhead
The day is pickin' up cause I'm hummin' his song
In the basic theory of consumer demand, an individual tries to maximize their utility subject to their budget constraint. Increases in income or wealth thus allow individuals to move to a higher indifference curve and a higher level of utility. In the song, Spearhead wants to help the panhandler by increasing his budget constraint, but is concerned about what is in the man's utility function. How could Spearhead structure his giving so as to alleviate his concerns? Is an alternative form of giving likely to increase the panhandler's utility as much as cash?
My Summer Vacation - Ice Cube
Damn G, the spot's gettin hot
In “My Summer Vacation,” Ice Cube describes selling drugs in St. Louis. Why were financial profits so much higher in St. Louis in the short-run than in Los Angeles? What happened to the profitability (loosely defined) of this activity in the long-run? Does the illegality of the market change anything about the incentives to enter and the required profit rates needed to stay in business?
The Wacky World of Mass Transit - Del tha Funkee Homosapien
When oh when is the bus gonna reach its destination
A good economist, to paraphrase Bastiat, observes both the seen and the unseen. On its face, a bus ride costs only 80 cents. What costs are unseen? Illustrate with examples from the song.