Answered: Musashi is training for a biathlon, a…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 3PA

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1. Scarcity, opportunity cost, and marginal analysis

Musashi is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting.

Consider the following scenario: Because his ski training sessions are helping him quickly improve at skiing, Musashi plans to reduce the time he spends training at the shooting range by an hour, and increase the time he spends skiing by an hour. However, his training partner says that he should pause all shooting practice and spend the entire 15 hours this week in the pool.

Which basic principle of individual choice does Musashi's plan illustrate that his training partner's advice does not?

Many decisions are made on the margin.

People usually exploit opportunities to make themselves better off.

Resources are scarce.

All costs are opportunity costs.

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