MICROECONOMICS (LL) W/ACCESS
MICROECONOMICS (LL) W/ACCESS
21st Edition
ISBN: 9781260199888
Author: McConnell
Publisher: MCG
Question
Chapter 1.2, Problem 2QQ
To determine

Calculation of opportunity cost.

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Lashed is a college student and lives off a budget of $100/week. She spends all of it on Chipotle meals and/or Starbucks. Her Chipotle meal costs her $10 and her Starbucks bucks drink costs her $6. Calculate the opportunity costs of one of her Starbucks drinks in terms of Chipotle meals. Write your answer as a whole number or using decimals. For instance, 2, 3, 0.4, 0.8, 1.5, etc.
Define the economic principle of opportunity cost.
Which statement about the opportunity cost of good Y in terms of good X is correct? A It decreases as the output of Y increases. B It is always below 1Y = 1X. C It is constant throughout the range of output shown. D It is never above 1Y = 2X.
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