6. Scarcity, opportunity cost, and marginal analysis Tim is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Tim plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Tim's plan illustrate that his wife's advice does not? Many decisions are made on the margin. O Resources are scarce. People usually exploit opportunities to make themselves better off. O All costs are opportunity costs.

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
Problem 3PA
icon
Related questions
Question
100%
6. Scarcity, opportunity cost, and marginal analysis
Tim is training for a triathlon, a timed race that combines swimming, biking, and running.
Consider the following sentence: Because his pool sessions are helping him swim more quickly, Tim plans to reduce by 1 hour per week the time he
spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any
biking and running and spend all 20 hours per week in the pool.
Which basic principle of individual choice does Tim's plan illustrate that his wife's advice does not?
Many decisions are made on the margin.
O Resources are scarce.
People usually exploit opportunities to make themselves better off.
O All costs are opportunity costs.
Transcribed Image Text:6. Scarcity, opportunity cost, and marginal analysis Tim is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Because his pool sessions are helping him swim more quickly, Tim plans to reduce by 1 hour per week the time he spends training on the bike and increase by 1 hour the time he spends in the swimming pool; however, his wife says that he should stop doing any biking and running and spend all 20 hours per week in the pool. Which basic principle of individual choice does Tim's plan illustrate that his wife's advice does not? Many decisions are made on the margin. O Resources are scarce. People usually exploit opportunities to make themselves better off. O All costs are opportunity costs.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Trade-Off
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours…
Brief Principles of Macroeconomics (MindTap Cours…
Economics
ISBN:
9781337091985
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
Economics
ISBN:
9781337091992
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
ECON MICRO
ECON MICRO
Economics
ISBN:
9781337000536
Author:
William A. McEachern
Publisher:
Cengage Learning
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax