menu
bartleby
search
close search
Hit Return to see all results

Charles 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, Charles 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 Charles's plan illustrate that his wife's advice does not?Resources are scarce. All costs are opportunity costs. Many decisions are made on the margin. People usually exploit opportunities to make themselves better off.

Question
Charles 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, Charles 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 Charles's plan illustrate that his wife's advice does not?
Resources are scarce.
 
All costs are opportunity costs.
 
Many decisions are made on the margin.
 
People usually exploit opportunities to make themselves better off.
check_circleAnswer
Step 1

As per principles of economic behaviour, people made decision as per the cost-benefit analysis. If the cost is greater than benefit is worse-off and benefit is greater than cost is better-off.

Step 2

Here, Charles 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. But wife of Charles advices to stop doing any biking and running, and spend...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Our solutions are written by experts, many with advanced degrees, and available 24/7

See Solution
Tagged in

Business

Economics

Other

Related Economics Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: Firm A's strategy Low price High price Firm A Profit = $81 Firm A Profit = $107 High price Firm B Pr...

A: Game theory:Game theory is a hypothetical system for imagining social circumstances among contending...

question_answer

Q: Differential Pricing of Pharmaceuticals — The HIV/AIDS Crisis The HIV/AIDS crisis has been called th...

A: Answer 1:The monopoly over a patented pharmaceutical can be categorized as an improper term because ...

question_answer

Q: Explain how Volkswagen’s failure to fully protect itself against foreign exchange fluctuations had a...

A: Volkswagen is a Car Company which was established in 1937 in Germany. The unexpected fluctuations in...

question_answer

Q: By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are ...

A: Paradox of Value:The paradox of value refers to the condition where the price of an essential commod...

question_answer

Q: 14 If the price elasticity of demand of for gasoline is 1.8, then a 15% decrease in quantity demande...

A: Price elasticity of demand (PED or Ed) shows the responsiveness or elasticity about the quantity dem...

question_answer

Q: The graph shows the aggregate demand (AD) curve and the long-run aggregate supply (LRAS) curve for a...

A: Increase in human capital:If Human capital of workers increase in an economy, then the long-run aggr...

question_answer

Q: Hi can I get this queshtion check I think the answer is C but I'm quite unsure.

A: Negative Shocks: In economics, the negative shocks refer to the sudden spike in prices and a decreas...

question_answer

Q: If a nation exported much of its output but imported little, would it be better off or worse off? Ho...

A: Export and Import: The export and import are the two-component international trade. Export includes ...

question_answer

Q: explain what would happen to the ecomony if velocity is reduced sigificantly.   explain why FED chai...

A: Since we are entitled to answer one question per request, we would be answering the 1st question. If...

Sorry about that. What wasn’t helpful?