2.You were planning to spend Saturday working at your part-time job, but a friendasks you to go skiing. What is the true cost of going skiing? Now suppose you had been planningto spend the day studying at the library. What is the cost of going skiing in this case? Explain

2.You were planning to spend Saturday working at your part-time job, but a friendasks you to go skiing. What is the true cost of going skiing? Now suppose you had been planningto spend the day studying at the library. What is the cost of going skiing in this case? Explain

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 3PA

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2.You were planning to spend Saturday working at your part-time job, but a friend
asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning
to spend the day studying at the library. What is the cost of going skiing in this case? Explain

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10 - You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? (Answer the question according to the definition of opportunity cost.) (5 points)
4. Answer both questions 2. Suppose a particular stretch of river can be used to build a hydropower dam that generates Q Kilowatt-hours (MWh) of electricity. The electricity price is 1.44 per Kilowatt-hour. The opportunity cost of producing power is C = $0.0007 x Q2 per hour. The opportunity cost of the dam is due to the foregone net benefit that would have resulted from recreation activity related to the river. What is the net benefit of the dam if the dam has optimal size? 3. Assume that the society should decide on how to allocate 24 units of depletable resource between two periods (period 1 and period 2). Benefit and cost of extracting qi units of depletable resource in period i = 1,2 are Bi = 127qi – 2qi2 and Ci = 17qi respectively. How much should the society extract in period 1 if the discount rate is 2%?
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