Suppose you have 4 hours of free time when you can either play a video game or watch 6 episodes of a television show. What's the opportunity cost of playing a video game?Select the correct choice below and, if necessary, fil in the answer box to complete your choice.hour(s)(Type an integer or a decimal)Watchingepisodets) of a television showOB(Type an integer or a decimal.)OC. There is no opportunity cost.

Opportunity cost of a activity is the sacrifice of benefit that could be achieved by the doing the…

Answered: ppose you have 4 hours of free time…

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

Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves her $250 in curtain cleaning costs over the lifetime of the air conditioner. In money terms, what is the opportunity cost of the air conditioner?
What is Maries opportunity cost of purchasing a pie?
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.
Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $120 (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Do you need any other information before computing the opportunity cost?
You’re given the following information about a newlywed couple Mike and Debbie. The table provides you with the time it takes each of them to do different chores: vacuuming a room or washing a load of dishes. Mike Vacuum 1 room = one hour 2 loads of laundry = one hour Debbie Vacuum 2 rooms = one hour 1 load of laundry = one hour What is Debbie's opportunity cost of washing a load of laundry in terms of vacuuming?
The following is a set of hypothetical production possibilities for a nation. Combination Automobiles (thousands) Beef (thousands of tons) A 0 10 B 2 9 C 4 7 D 6 4 E 8 0 Plot these production possibilities data. What is the opportunity cost of the first 2,000 automobiles produced? Between which points is the opportunity cost per thousand automobiles highest? Between which points is the opportunity cost per thousand tons of beef highest? Label a point F inside the curve. Why is this an inefficient point? Label a point G outside the curve. Why is this point unattainable? Why are points A through E all efficient points? Does this production possibilities curve reflect the law of increasing opportunity costs? Explain. What assumptions could be changed to shift the production possibilities curve?
Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does it differ from your opportunity cost of attending a class at 8:00 am?
You’re given the following information about a newlywed couple Mike and Debbie. The table provides you with the time it takes each of them to do different chores: vacuuming a room or washing a load of dishes. Mike Vacuum 1 room = one hour 2 loads of laundry = one hour Debbie Vacuum 2 rooms = one hour 1 load of laundry = one hour What is Mike’s opportunity cost of vacuuming 1 room?

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