ECO 211 Problem Set # 1

Buffy is thinking about opening an amulet store. She estimates that it would cost $1000 per year to rent the location and buy the merchandise. In addition, she would have to quit her $800 per year job as a vampire hunter. What is the opportunity cost of running the store for a year? (Note: If your answer is $5000, you do not need to key in "$". Please input 5000 directly)

Suppose that your tuition to attend college is $10,000 per year and you spend $4,000 per year on room and board. If you were working full time, you could earn $20,000 per year. What is your opportunity cost of attending college for one year?   A) $14,000   B) $24,000   C) $30,000   D) $34,000   can you solve this Q and show me the steps for solving it

Scenario: Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the number of hours per month it takes to commute to work from each apartment. Ryan's opportunity cost of time is $15 per hour. Apartment Commuting Time (hours per month) Rent ($ per month) 1 40 1,500 2 20 1,750 3 10 2,000 4 4 2,210 5 1 2,250 Refer to the scenario above. What is the total cost incurred per month if Ryan rents Apartment 5? & The total cost per month is the lowest if Ryan chooses to rent Apartment ________.

Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two.  What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.

One of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.

Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?

Your group won $100 from a Tiktok dance challenge. You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now? (support your answer with computations and discussion)

REFLECTIONDirections: Read the article below . Then , discuss how the economic program of the government administration puts solution to the problem of scarcity in the country.Write your answer in a reflective way.

Suppose that your tuition to attend college is $14,000 per year and you spend$5,000 per year on room and board. If you were working full time, you could earn$26.000 per year. What is your opportunity cost ofattending college? A)$19.000 B) $31.000 C)$40.000 D) $45.000

Could you please provide an example (article) of the opportunity cost in real life and explain in economic terms why opportunity cost is in that particular situation?

Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college?  $

How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.

Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $10,000 each year for tuition, $2,500 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high- school job offered you a job paying $20,000 per year. Assume that if you decided not to go to college, your parents would let you live at home for free.

Some college students have claimed that because their incomes will be higher as a result of attending college, there is no opportunity cost of attending college. Do you agree? Explain.

What is the opportunity cost of going to university? the total spent on food, clothing, books, transportation, tuition, lodging, and other expenses the value of the best opportunity a student gives up to attend university zero, for students who are fortunate enough to attend on a scholarship zero, because a college education will allow a student to earn a larger income after graduation Next Page Page 18 of 21

Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would not let you live at home.What is your opportunity cost for four years of college?  $____

What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and money

After three years at the Massachusetts Institute of Technology, Renaud realizes that he doesn't want to finish school but really wants to be a chef. When Renaud mentions that he is considering leaving university for culinary school, his parents insist that he stay for one more year to get his degree. Which statement is TRUE? Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is greater than the marginal cost of university. Renaud's parents are correct: if he leaves university, he has wasted three years of tuition. It is impossible to tell who is correct. Renaud's parents are wrong: the marginal benefit to Renaud of another year of university is less than the marginal cost of university.

Suppose your friend ask you to go watching a movie while you are studying for an examination. what would be the opportunity cost of watching the movie? Explain your answer.

Studying has both cost and benefits. If you continue to study as long as the marginal benefits of studying are greater than the marginal costs and stop studying when the two re equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.

Q.4. A consultant who earns $ 100 per hour takes 4 hours off work to go to the movies. The out – of- pocket cost for the cab and the movie ticket are $12. What is the opportunity cost (in $) of going to movie? What is the total cost of the movie to the consultant?

John owns a computer repair shop and he owns the building where his shop is located. If he closed his business he could rent the building for $2,222 per month. Before he had the shop, he worked for a company and earned $4,067 per month. His utility bills are $511 per month and his labor costs are $1,165 per month. What is John's opportunity cost of running the business? Enter a whole number. ASUS f6 5

Maria has just paid down on a small apartment for which the mortgage is $2200 per month. Before she moves in, a work colleague offers to rent it for $5000 per month. Since Sharon is longing to move out of her parents house even though she doesn't have to pay rent there, she declines the rental offer and occupies her new apartment. What is the value of the opportunity cost of her choice?

What are the major course learning outcomes from studying a microeconomics course?

QUESTION 9 Oliver is writing CML assessment questions for two introductory economics courses at UQ (ECON1010 and ECON1020), and currently finds himself with a 4-hour period in which he can complete either task. Oliver's production possibilities curve for the next 4 hours is shown below. 16 ECON1010 (questions) 12 8 0 1 1 12 1 1 1 24 36 48 ECON1020 (questions) What is Oliver's opportunity cost of writing (producing) a single ECON1020 question? Answer to the nearest two decimal places. [a] ECON1010 questions.

Q6. Suppose you work as a tutor in your school, making $16 per hour. Yesterday, you decided to cancel your two-hours tutoring appointment to meet old friends for a tea. The tea cost you $3.50. What will the opportunity cost of this decision in dollars? Please explain in points.