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Chapter 1, Problem 1.1P

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Principles of Microeconomics (12th...

12th Edition
Karl E. Case + 2 others
ISBN: 9780134078816

Solutions

Chapter
Section
BuyFindarrow_forward

Principles of Microeconomics (12th...

12th Edition
Karl E. Case + 2 others
ISBN: 9780134078816
To determine

The relevance of opportunity cost in allocation of time

Explanation

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Concept

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

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