CONNECT ACCESS F/ MICROECONOMICS
2nd Edition
ISBN: 9781260882469
Author: KARLAN
Publisher: MCG
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Chapter 1, Problem 8RQ
To determine
To find the
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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
Give two examples of opportunity one can face today
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now?
Chapter 1 Solutions
CONNECT ACCESS F/ 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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- You have been going to school and working 10 hours a week. The school offers you a scholarship worth $1,500 per quarter because of your excellent performance. In order to get the scholarship, you have to go to school full time, which means you would have to quit your job. What is your opportunity cost if you make $10 per hour? (Answer in terms of both time and money. If you get paid $10 an hour and a quarter lasts 11 weeks what would you choose? Why?arrow_forwardYou have been going to school and working 10 hours a week. The school offers you a scholarship worth $1,500 per quarter because of your excellent performance. In order to get the scholarship, you have to go to school full time, which means you would have to quit your job. What is your opportunity cost if you make $10 per hour? (Answer in terms of both time and money.) If you get paid $10 an hour and a quarter lasts 11 weeks what would you choose? Why? Your work offers you $15 an hour in order to prevent you from quitting. What would you choose? Why?arrow_forwardThe opportunity cost of any decision that you make involves giving up something. I would like you to evaluate your opportunity cost of taking this course at Kean University. What opportunities may be afforded to you after completed your educational endeavor at KU? What will you have to give up now to accomplish you short and long-term goals?arrow_forward
- Identify and describe the opportunity cost of an activity that you enjoy. Remember to consider everything you must give up to take part in this activity. Using opportunity cost and benefits, demonstrate how someone might decide whether to participate in your activity or not.arrow_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_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) $100 c) $170 d) $50arrow_forward
- (Opportunity Cost) You can spend spring break either working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food, and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?arrow_forwardYour group won $100 from a Tiktok dance challenge. You have a choice between spending the money now and putting it away for a year in a bank account that pays 5 percent interest. What is the opportunity cost of spending the $100 now? (support your answer with computations and discussion)arrow_forwardWhat is the opportunity cost of going to college?arrow_forward
- Use economics to explain why people smoke even though they know smoking is not good to their health?arrow_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_forwardWhat is an opportunity cost? Give an example from class or make up your own.arrow_forward
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