EBK THE ECONOMICS OF SPORTS
6th Edition
ISBN: 8220106898277
Author: LEEDS
Publisher: YUZU
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Chapter 1, Problem 2P
To determine
Explain the statement whether it is true or false.
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True or False
Opportunity costs are roughly the same for everyone who attends college.
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According to the Centers for Medicare and Medicaid Services, more than a quarter of the Medicare budget goes to paying for medical care incurred during the enrollees’ last year of life. What is the opportunity cost of those billions of dollars? Is it relatively low or high? What could be possible alternative uses of that money? List at least a few alternative options and discuss the associated tradeoffs.
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EBK THE ECONOMICS OF SPORTS
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- Studying has both cost and benefits. If you continue to study as long as the marginal benefits of studying are greater than the marginal costs and stop studying when the two re equal, will your action be consistent with having maximized the net benefits of studying? Explain your answer.arrow_forwardCould you please provide an example (article) of the opportunity cost in real life and explain in economic terms why opportunity cost is in that particular situation?arrow_forwardCalculate opportunity cost for both colleges!!arrow_forward
- You won a ticket to a hockey playoff game by having your name drawn from a hat at a charity event. You were excited about going, but on the day of the game, a major snowstorm has hit and conditions are miserable. Would you be more likely to go if you had bought the ticket yourself instead of winning it? Relate your answer to opportunity costs and sunk costs.arrow_forwardA college professor and a cardiologist enjoy playing tennis on Saturday mornings. They both give up time with their families to have a tennis match each Saturday. The college professor earns $60,000/year while the cardiologist averages an annual income of $250,000. Is the opportunity cost of playing tennis the same for both individuals? Why or why not?arrow_forwardWhich of the following decisions would entail the greater opportunity cost: allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot ? Explain.arrow_forward
- Explain the concept of opportunity costs and provide at least two real world examples illustrating its usefulness.arrow_forwardExplain the following two statements: “Education increases human capital and expands production possibilities”, and “The opportunity cost of a university degree is forgone consumption”.arrow_forward
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