Problem
1. After some consideration, you decide to hire someone to help you move. Wouldn't it be cheaper to move yourself? Do you think this is a rational choice? Explain your response.
2. Suppose that 20 students from your economics class each pay $20 to enter a grades-based contest. This would create a $400 prize pool. An equal share of the $400 pot is awarded at the end of the term to each contestant who earns an A in the course. If four students earn A's, they each receive $100. If only one student earns an A, that person gets the entire $400 pot. What economic concept is this contest harnessing in order to encourage participants to learn more?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.