Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971509
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 2CQQ
To determine
The opportunity cost of going to a movie.
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Students have asked these similar questions
Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket plus the cost of any sodaand popcorn you buy at the theater.c. the total cash expenditure needed to go to themovie plus the value of your time.d. zero, as long as you enjoy the movie and considerit a worthwhile use of time and money
What is the opportunity cost of going to a movie?
the price of the ticket
the price of the ticket plus the cost of any soda and popcorn you buy at the theatre
the total cash expenditure needed to go to the movie plus the value of your time
zero, as long as you enjoy the movie and consider it a worthwhile use of time and money
From Opportunity cost point of view. Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?
Chapter 1 Solutions
Principles of Macroeconomics (MindTap Course List)
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1CQQCh. 1 - Prob. 2CQQCh. 1 - Prob. 3CQQCh. 1 - Prob. 4CQQCh. 1 - Prob. 5CQQCh. 1 - Prob. 6CQQCh. 1 - Prob. 1QR
Ch. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QRCh. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PA
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- Q.No.2 To a child the opportunity cost of going to cricket match includes the value of time that could have been spent studying? Explainarrow_forwardTonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon. Without the coupon, the ticket is $10. Once you are at the cinema, your friends now want to see Captain Marvel. Both movies start and end at the same time. Assume that you have nothing else to do. If you decide to see Captain Marvel with your friends, what is your opportunity cost?arrow_forwardG, 1 michael has spent 100 000 of his personal savings to start up the business. he could have earned a 15 percent return from his savings. what is the opportunity cost for the business?arrow_forward
- what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV vs. a moderately- priced one. b. deciding whether to buy a gift online or go to an actual store to buy it. c. A firm trying to decide whether to allocate part of its budget to prototyping and testing and new product X. d. firm considering investing in checkout automation technology.arrow_forward1. Understanding opportunity cost You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is .arrow_forwarda. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.arrow_forward
- Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the moviearrow_forwardmatch each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costarrow_forwardYou have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go back to sleep, the following is a list of the different things you could do (along with the value you would get from doing each). You could work-out (and get a $100 value) or you could watch TV (and get a $250 value) or you could read the newspaper (and get a $30) or you could eat breakfast (and get a $170 value). What is your opportunity cost of going back to sleep for one more hour? a) $250 b) $550 c) $100 d) $170 e) $ 50arrow_forward
- You have just woken up and are deciding whether to sleep for one more hour or not. If you don’t go back to sleep, the following is a list of the different things you could do (along with the value you would get from doing each). You could work-out (and get a $100 value) or you could watch TV (and get a $250 value) or you could read the newspaper (and get a $30) or you could eat breakfast (and get a $170 value). What is your opportunity cost of going back to sleep for one more hour? a)$250 b) $100 c) $170 d) $50arrow_forwardMaisa decided to spend money on a book instead of going for a movie. She understood that if she purchases the book, she does not have the money to watch the movie . Here the cost of sacrifice is related to ______. a. opportunity cost b. profit maximization c. scarcity d. All of thesearrow_forward
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