Ed spends an hour studying instead of watching tv with his friends. The opportunity cost to him of studying isSelect one:Oa.zero. Since Ed chose to study rather than to watch tv, the value of studying must have been greater than the value of watchingtv.O b. the improvement in his grades from studying plus the enjoyment of watching tv.the enjoyment he would have received if he had watched tv with his friends.O d. the improvement in his grades from studying for the hour.O e. the improvement in his grades from studying minus the enjoyment of watching tv.

option C is the right answer "The enjoyment we would have received if he had watched tv with his…

Answered: Ed spends an hour studying instead of…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 9P

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Similar questions

Explain why societies cannot make a choice above their production possibilities frontier and should not make a choice below it.
John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the movie
"Only answer c-d ones" (a) Calculate the opportunity cost of producing one additional unit of good x in terms of units of good y in Home and Foreign. The opportunity cost of producing one additional unit of good x in Home or foreign is the amount of good y that must be given up to produce it. At Home, one worker can produce 2 units of good x or 1 unit of good y. Thus, to produce one additional unit of good x, half a unit of good y must be given up. The opportunity cost in Home is 0.5 units of good y. In Foreign, one worker can produce 1 unit of good x or 2 units of good y. To produce one additional unit of good x, two units of good y must be given up. The opportunity cost in Foreign is 2 units of good y. (b) Derive the production possibilities frontier (PPF) for Home and Foreign and plot it in a graph with good x in the horizontal axis and good y in the vertical axis. To derive the production possibilities frontier (PPF) for Home and Foreign, we use the labor market clearing condition…
Below is a table of production possibilities for a company that produces soft drink bottles and juice bottles (in thousands of units per week): Production alternatives production type A B C D E F Set of 8 soft drink bottles 0 4 10 15 19 22 12 juice box 58 56 48 32 16 0 Plot this data on a graph. What specific assumptions are represented by this production possibilities curve? If a firm is at point C, what is the opportunity cost of an additional set of soft drinks? From an extra juice box? If the company characterized in this table produced 7 sets of 8 bottles of soda and 40 cases of 12 juices, what could be concluded about the use of available resources? Is production currently possible at a point outside the production possibilities curve? Explain your answer.
Which one is false? Explain why that is false. 1. The production possibilities curve is a simple device for summarizing the possible combinations of output that a society can produce if it employs its resources efficiently. 2. One person has a comparative advantage over another in the production of a good if she or he can produce more of that good than the other person. 3. The Cost-Benefit Principle says that a person should take an action if, and only if, the benefit of that action is at least as great as its cost. 4. Market equilibrium occurs when the quantity buyers demand at the market price is exactly the same as the quantity that sellers offer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure
2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the suit: Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the…
Question 02: Marginal Principle: How Many Hours at the Barber Shop? The opportunity cost of your time spent cutting hair at your barber shop is $20 per hour. Electricity costs $6 per hour, and your weekly rent is $250. You normally stay open nine hours per day. (b) If you expect to give two haircuts in the 10th hour and you charge $15 per haircut, is it sensible to stay open for the extra hour? Why? Question 3 options: A) Yes, since the marginal benefit (the revenue from the two haircuts ) is LESS THAN the marginal cost. B) Yes, since the marginal benefit (the revenue from the two haircuts ) is GREATER THAN the marginal cost. C) No, since the marginal benefit (the revenue from the two haircuts ) is LESS THAN the marginal cost.
A nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital-that is, providing themselves with training and education. The table below displays the production possibilities for this nation. a) Suppose that the nation's residents currently produce combination A. What is the opportunity cost of increasing production of consumption goods by 10 units? By 60 units?b) Does the law of increasing additional cost hold true for this nation? Why or why not?
Bill and Melinda work for a firm that creates web pages and apps. The number of web page designs and apps each can produce in a week is given in the table below. Output per Week web pages designed apps created Bill 3 12 Melinda 2 4 What is Bill's opportunity cost of creating one app? Group of answer choices designing 3 web pages designing 1/4 web pages designing 4 web pages designing 1/3 web pages
Monica like to spend 30 dollars weekly on movies and burgers.movie tickets costs 6 dollar each and burger cost 3 dollar each. 1. Is she able to watch 3 movies and have 5 burgers in a week given her budget of 30 dollar? 2. What is monica s opportunity cost of watching a movie?
So the last is it the fact that resources are scarce or law of increasing opportunity costs ? Cannot be both
a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.

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