Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he could go to the ahow at tje theater for that three hours. A ticket at the theater costs$30. What is the opportunity cost of going to the theater

Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…

A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…

Q: Suppose Alphonso’s town raised the price of bus tickets to $1 per trip (while the price of burgers…

A: Given information: The price of bus tickets rises to = $1 per trip Price of burger = $2 Budget = $10

Q: List the opportunity costs of the following: a. going to college b. missing a lecture c. withdrawing…

A:

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Explain how markets can allocate resources in a way that they go to those who value them the most.

A: Prices are important in resource allocation. There are benefits and drawbacks to using the price…

Q: Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets…

A: Opportunity cost is the next best cost that is foregone in order to do some other task.

Q: Class, if I give you a “free” ticket to the Opera House downtown, would you necessarily go? How can…

A: Opportunity cost is the value of next best alternative, that is benefit that could have been derived…

Q: Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies…

A: Debra can make either 12 cakes or 16 cookies in 4 hours 12 cakes = 16 cookies 1 cake = 16/12 cookies…

Q: You leave work two hours early from $10 an hour job, stopping to buy a $15 take-out dinner as you…

A: Opportunity cost is the sacrifice of the benefit of a particular task for doing another task. The…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: You have been working full time but think you would like to earn more money per hour in the future.…

A: For both $10 and $20,30 hours would be the opportunity cost in time.

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go…

A: Oppurtunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: You won a free ticket to see a Bruce Springsteen concert (assume the ticket has no resale value). U2…

A: Opportunity cost is the value of next best alternative foregone.

Q: You can either spend spring break working at home for $80 per day or go to Florida for the week.  If…

A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…

Q: Edgar, who is a driver for Uber and earns $12 per hour, is considering going to see a movie tonight.…

A: Given information Earning per hour from driving = $12 Cost of movie =$20 Movie duration = 4 hours…

Q: The financial costs of obtaining a college education include tuition and fees, textbooks, and for…

A: Opportunity cost is the forgone benefit from the next best alternative by choosing another…

Q: Opportunity cost Tony buys a pizza and with that same amount of money he could have bought a drink…

A: Economics is the study of the efficient allocation of resources in the economy. Resources are scarce…

Q: Tonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon.…

A: Opportunity costs are represented by the potential advantages an individual, investor, or business…

Q: By taking the train, Alain can travel from Paris to Lille in 1 hour. The same trip takes 5 hours by…

A: Opportunity cost is the benefit that is not received due to not choosing the other option.

Q: Debra can make either 12 cakes or 16 cookies in 4 hours. Sam can make either 6 cakes or 12 cookies…

A: Opportunity cost is the sacrifice of the second unit to produce one more unit of the first good. The…

Q: A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas,…

A: Please find the answer below.   OPPORTUNITY COST: Opportunity costs represent the potential benefits…

Q: Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that…

A: The opportunity cost is the next best alternate or the next best alternate that is given up.

Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…

A: The opportunity cost refers to the amount or value that one has to give up in order to choose…

Q: Give an Example how a change in opportunity cost can effect behavior.

A: The opportunity cost refers to the cost of the next best alternative foregone while making a…

Q: Give an example to illustrate how a change in opportunity cost can affect behavior.

A: Opportunity cost refers to the given up benefit during the process of gains some other benefit. For…

Q: Dina is training for a triathlon, a timed race that combines swimming, biking, and running. Consider…

A: In the above example, Dina needs to trade-off between swimming and work. If she works, she gets $9…

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying…

A: Answer: Opportunity cost: The opportunity cost of an action refers to what people give up to do that…

Q: Karl chooses to walk to work instead of taking the metro.     A. The opportunity cost of walking to…

A: Opportunity cost is the foregone benefit of the alternative preferred.

Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…

A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…

Q: Incentives and opportunity costs. Why do we do the things we do, and how do opportunity costs show…

A: The concept of scarcity is used to explain the existence of opportunity cost in economics. In the…

Q: The price of a cup of coffee is $2.00. Alternatively you could spend your money on granola bars…

A: Opportunity cost is the foregone value of the next best alternative when a decision is made.  In…

Q: Max has 3 options of what to do in the afternoon. A) play ultimate frisbee which he values at $40…

A: Given, Max values frisbee $40 and the cost is free, Therefore the Final Value is $10.   Max values…

Q: Sarah is a bartender earning $27.7 an hour Her new favourite video game has just been released and…

A: Costs can be divided into implicit costs and explicit costs. Explicit costs are clearly stated costs…

Q: You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35.…

A: Opportunity cost refers to the forgone benefit because of choosing one alternative over another. So,…

Q: The opportunity cost of working is __ Select one: a. the wage you earn for the time spent working.…

A: d. what you would have done during the time if you were not working.

Q: Your choice for the summer is to either work at home for 4 weeks and get $100 per week or to go to…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…

A: The opportunity cost is the benefit that would have been obtained if a different option had been…