1. (1 pt) Since people have (abundant, scarce) wants and (abundant, scarce) resources, they are forced to make [Fill in the blank and circle the correct answer for each.] many times a day. 2. a. (0.5 pt) You were planning to spend Sunday working at your part-time job, but a friend asks you to go skiing. What are the opportunity costs of going skiing? b. (0.5 pt) Now suppose that you had been planning to spend Sunday working with your group on finishing a presentation you must give in class on Monday. What are the opportunity costs of going skiing in this case?

1. (1 pt) Since people have (abundant, scarce) wants and (abundant, scarce) resources, they are forced to make [Fill in the blank and circle the correct answer for each.] many times a day. 2. a. (0.5 pt) You were planning to spend Sunday working at your part-time job, but a friend asks you to go skiing. What are the opportunity costs of going skiing? b. (0.5 pt) Now suppose that you had been planning to spend Sunday working with your group on finishing a presentation you must give in class on Monday. What are the opportunity costs of going skiing in this case?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.2IP

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