Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is Select one: O a. the $24 she could have earned if she had worked at her job for those two hours. O b. the value of her nap less the value of the knowledge she would have received had she attended class. O.C. the value of the knowledge she would have received had she attended class. O d. nothing, since she valued sleep more than attendance at class. O e. the value of her nap plus the value of the knowledge she would have received had she attended class.

Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of napping is Select one: O a. the $24 she could have earned if she had worked at her job for those two hours. O b. the value of her nap less the value of the knowledge she would have received had she attended class. O.C. the value of the knowledge she would have received had she attended class. O d. nothing, since she valued sleep more than attendance at class. O e. the value of her nap plus the value of the knowledge she would have received had she attended class.

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 7P

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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.
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xt:Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, "Choose the activity with the highest value" (A). Another rule she could follow is, "Choose the activity with the lowest opportunity cost" (B). Do you think Bong-Cha's choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, "Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?"].
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