Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him of studying is zero. Since Ed chose to study rather than to watch Netflix, the value of studying must have been greater than the value of watching Netflix. the enjoyment he would have received if he had watched Netflix with his friends. the improvement in his grades from studying for the hour. the improvement in his grades minus the enjoyment of watching Netflix.

Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him of studying is zero. Since Ed chose to study rather than to watch Netflix, the value of studying must have been greater than the value of watching Netflix. the enjoyment he would have received if he had watched Netflix with his friends. the improvement in his grades from studying for the hour. the improvement in his grades minus the enjoyment of watching Netflix.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section1.3: Key Concepts In Economics

Problem 3ST

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