planning to spend Saturday working at your part time job, but a friend asks you to go skiing.3. You areWhat is the cost of going skiing in this case?a1Now suppose you have been planning to spend the whole day studying in the library. What is theb.cost of going skiing in this case?If he has absolutely nothing to do at home, what is the cost of going skiing?c.

The opportunity cost of an activity is the value of the next best activity forgone. For example, a…

Answered: planning to spend Saturday working at…

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 24QP

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Similar questions

What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount ham the residents can consume in a month?
Edgar, who is a driver for Uber and earns $14 per hour, is considering going to see a movie tonight. The cost to see a movie is $12, and Edgar would have to take 4 hours off to see the movie. a. What is the monetary cost for Edgar to see the movie?
It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?
You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Explain.
Econ 444-02 (Corporate Economics), Fall 2015Problem Set #2Due in class Thursday, September 24Problem 1. Alice and Barbra sell used CDs at music festivals. Each is decidingwhether or not to set up their booth at the last festival of the summer. The festivalis scheduled to take place in Alton, very near where Alice lives. It will cost her only$30 to travel the festival. Barbra is farther away, and it will cost her $100 to travelto Alton. Both Alice and Barbra would prefer to be only CD sellers at the festival,since they would avoid competition. If only one seller is at the festival, she will make$150 during the day (not counting travel costs). If both Barbra and Alice sell CDsat the festival, they will lower their prices and each make $50 during the day. BothAlice and Barbra receive $0 for not attending the festival.1. Draw the Normal Form of the game Alice and Bob are playing, be sure to labelthe game completely.2. Does either player have a dominant strategy? If so, what is it?3. List…
You are currently taking an Accounting class and an Economics class. If you spend all your time reading only your Accounting textbook you can read 120 pages. If you spend all your time reading only your Economics textbook, you can read 20 pages. a. The opportunity cost of reading 1 Accounting page = _______________ Economics pages b. The opportunity cost of reading 1 Economics page = _______________ Accounting pages
It is a beautiful afternoon, and Jose is considering taking a leisurely two-hour stroll through the park. There are several other activities Jose is considering doing instead. The value Jose receives from each of the activities is provided in the table. Alternative Activities Value Streaming a movie $5 Taking a nap $8 Chatting with his best friend $13 Reading a new book $15 What is Jose’s cost of taking the stroll through the park?
Q15.) Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12. 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is m? 6 magazines 2.) If she buys 1 pie the number of magazines she can buy in a week is? 3 magazines 3.) What is her S opportunity cost of purchasing a pie? $4 What is question 4 answer? 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?
Matt spends 3 hours working rather than playing pool with his friends. if he eams $25 an hour,what is his opportunity cost of working? 1. the $75 he earns working 2. the $75 minus the enjoyment he would have received from watching YouTube. 3. the enjoyment he would have recelved had he played pool with his friends 4. nothing. since he would have received less than $25 of enjoyment from playing pool
Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket plus the cost of any sodaand popcorn you buy at the theater.c. the total cash expenditure needed to go to themovie plus the value of your time.d. zero, as long as you enjoy the movie and considerit a worthwhile use of time and money

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