Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Chapter 2, Problem 2SQP
To determine
The free car.
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Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would let you live at home for free.Including the opportunity cost, what is the cost of attending four years of college? $
Like a good economist, you calculated the opportunity cost of getting your college degree. Suppose that at your university, you will pay $15,000 each year for tuition, $3,000 each year for textbooks, and $8,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year.Assume that if you decided not to go to college, your parents would not let you live at home.What is your opportunity cost for four years of college? $____
Suppose that your neighbor has three choices of activity for Saturday morning: going hiking (valued at $20), going apple-picking (valued at $30), and going kayaking (valued at $10). If your neighbor chooses to go apple-picking, what is the opportunity cost?
Chapter 2 Solutions
Economics For Today
Ch. 2.6 - Prob. 1YTECh. 2.7 - Prob. 1GECh. 2 - Prob. 1SQPCh. 2 - Prob. 2SQPCh. 2 - Prob. 3SQPCh. 2 - Prob. 4SQPCh. 2 - Prob. 5SQPCh. 2 - Prob. 6SQPCh. 2 - Prob. 7SQPCh. 2 - Prob. 8SQP
Ch. 2 - Prob. 9SQPCh. 2 - Prob. 10SQPCh. 2 - Prob. 11SQPCh. 2 - Prob. 12SQPCh. 2 - Prob. 1SQCh. 2 - Prob. 2SQCh. 2 - Prob. 3SQCh. 2 - Prob. 4SQCh. 2 - Prob. 5SQCh. 2 - Prob. 6SQCh. 2 - Prob. 7SQCh. 2 - Prob. 8SQCh. 2 - Prob. 9SQCh. 2 - Prob. 10SQCh. 2 - Prob. 11SQCh. 2 - Prob. 12SQCh. 2 - Prob. 13SQCh. 2 - Prob. 14SQCh. 2 - Prob. 15SQCh. 2 - Prob. 16SQCh. 2 - Prob. 17SQCh. 2 - Prob. 18SQCh. 2 - Prob. 19SQCh. 2 - Prob. 20SQ
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- Based on the photograph of the question 2 section. if the economy is currently producing 10 bags of snacks, what is the opportunity cost per unit of producing two more bags of tea?arrow_forwardThe production possibilities frontier curve illustrates that a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.arrow_forwardWhat is an real-life example of a opportunity cost?arrow_forward
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- Suppose you spend five hours studying for your final exam. In the first hour, you manage to review five pages of notes. In the second hour, your understanding of the first five pages allows you to cover seven additional pages. In the third hour, you cover five additional pages. In the fourth hour, you cover only two pages. By the fifth hour, you are so tired that you start to confuse yourself with what you have learned. Which economic concept best illustrates what you have just experienced? a. Law of diminishing returns b. Production function c. Short run d. Economic efficiencyarrow_forwardIf society begins by producing 3 units of X and 4 units of Y and then alters production so that it is now producing 4 units of X and 4 units of Y, and we know that the quantity and quality of resources were unchanged and that technology did not change, then: A) 3 units of X and 4 units of Y are a combination best represented by a point outside the production possibilities curve. B) resources were being efficiently utilized at 3 units of X and 4 units of Y. C) society has moved along the production possibilities curve. D) resources were being fully utilized at 3 units of X and 4 units of Y. E) 3 units of X and 4 units of Y are a combination best represented by a point inside the production possibilities curve.arrow_forwardWhat does the slope of a curve between two points have to do with the opportunity cost of producing additional units of good?arrow_forward
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