Relevance of opportunity cost in allocation of time

Question

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Answer 1

Question

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

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Answer 2

Question

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

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Answer 3

Question

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

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Answer 4

Question

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

Answer 6

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

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

Answer 7

Chapter 1, Problem 1.1P

To determine

Relevance of opportunity cost in allocation of time

Answer 8

Expert Solution & Answer

Explanation of Solution

Decision regarding the allocation of time involves many trade-off situations. Thus, allocation of time for different alternatives is 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 is arises due to the scarcity of time and increasing number of competing alternatives of people.