Microeconomics
2nd Edition
ISBN: 9781259813337
Author: KARLAN, Dean S., Morduch, Jonathan
Publisher: Mcgraw-hill Education,
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Chapter 1, Problem 6RQ
To determine
To find the
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It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?
You already have a ticket to a club tomorrow, which costs you $30 and give you the enjoyment of $35. A friend invites you to go kayaking. Rental kayak fees would cost you $25, and you think you’d get $25 worth of enjoyment. Your club ticket is nonrefundable. What is your opportunity cost (in dollars) of kayaking?
I need help describing these scenarios.
Chapter 1 Solutions
Microeconomics
Ch. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQ
Ch. 1 - Prob. 11RQCh. 1 - Prob. 12RQCh. 1 - Prob. 13RQCh. 1 - Prob. 14RQCh. 1 - Prob. 15RQCh. 1 - Prob. 16RQCh. 1 - Prob. 17RQCh. 1 - Prob. 18RQCh. 1 - Prob. 19RQCh. 1 - Prob. 20RQCh. 1 - Prob. 21RQCh. 1 - Prob. 22RQCh. 1 - Prob. 23RQCh. 1 - Prob. 24RQCh. 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. 11PACh. 1 - Prob. 12PACh. 1 - Prob. 13PACh. 1 - Prob. 14PACh. 1 - Prob. 15PA
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- Edgar, who is a driver for Uber and earns $14 per hour, is considering going to see a movie tonight. The cost to see a movie is $12, and Edgar would have to take 4 hours off to see the movie. a. What is the monetary cost for Edgar to see the movie? $12b. What is the opportunity cost for Edgar to see the movie? $arrow_forwardPlease provide your answer, be sure to provide explanations and graphs This set of questions pertains to opportunity costs in different scenarios.a. On the night before the ECON2 exam, you are allocating your time between studying for the exam and reading comic books. Each hour of studying enhances your exam score by 2 points, and reading a comic book consumes 30 minutes. What is the opportunity cost of reading a comic book in terms of points on the exam? What is the opportunity cost of reading a comic book in terms of dollars for YOU? b. You are responsible for preparing dinner for yourself and your 2 roommates. You have two options: either purchase the ingredients and cook the meal from scratch, incurring a cost of $20 and spending 2 hours, or order the meal, which would cost $60 and take no time. Is the opportunity cost of the meal higher if you order it? Why or why not?arrow_forwardWhich of these scenarios is inefficient and why?arrow_forward
- how does transportation address the economic problem of scarcityarrow_forwardStudying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.arrow_forwardWireless, high-speed Internet is provided for free inthe airport of the city of Communityville.a. At first, only a few people use the service.What type of a good is this and why?b. Eventually, as more people find out aboutthe service and start using it, the speed of theconnection begins to fall. Now what type of agood is the wireless Internet service?c. What problem might result and why? What is onepossible way to correct this problem?arrow_forward
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