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What are two scenarios where the opportunity cost of improving your math grade will decrease?
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- 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?Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would not let you live at home.What is your opportunity cost for four years of college? $____Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed: rice and beans. The production opportunity cost for Casey is 4.00 kg4.00 kg of rice for every kilogram of beans. Rick has a production opportunity cost of 2.00 kg2.00 kg of rice for every kilogram of beans. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more rice and beans? Give your answer to two decimals.
- 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?Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $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 Mike’s opportunity cost of vacuuming 1 room?Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only two goods are produced and consumed; rice and beans. The production opportunity cost for Casey is 4.00kg of rice for every kilogram of beans. Rick has a production opportunity cost of 2.00 kg of rice for every kilogram of beans. Casey eventually realizes that, through trade, both individuals can be better off. Rick is willing to trade. What price can be settled between these two parties such that both individuals can enjoy more rice and beans?During World War II, auto production was cut drastically. The resources available could be used to produce tanks or passenger cars. The resources could be used in the following ways. Number of Tanks (1000’s) Number of Cars (1000’s) A. 0 150 B. 10 145 C. 20 130 D. 30 100 E. 40 60 F. 50 0 d)Where is the opportunity cost greater when giving up cars for tanks - moving from point B to C or from E toF? State the numbers. e) Where is the opportunity cost greater when giving up tanks for cars - moving from Point E to D or from point C to B? State the numbers
