Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she studies, her marginal benefit would be $90. Her marginal explicit cost would be $30. If she goes to the movies, her marginal benefit would be $50 and her marginal explicit cost would be $10. If she tutors someone, her marginal benefit would be $100 and her marginal explicit cost would be $50. If she works at the bakery, her marginal benefit would be $70 and her marginal explicit cost would be $40. What is Anna's opportunity cost of taking the best option?

Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she studies, her marginal benefit would be $90. Her marginal explicit cost would be $30. If she goes to the movies, her marginal benefit would be $50 and her marginal explicit cost would be $10. If she tutors someone, her marginal benefit would be $100 and her marginal explicit cost would be $50. If she works at the bakery, her marginal benefit would be $70 and her marginal explicit cost would be $40. What is Anna's opportunity cost of taking the best option?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section1.1: How People Make Decisions

Problem 1QQ

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