Your 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)
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- You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing. What is the true cost of going skiing? Now suppose you had been planning to spend the day studying at the library. What is the cost of going skiing in this case? Explain.Shannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?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% interest. Which of the following is the opportunity cost of spending $100 now?
- Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the movieHow do you evaluate your opportunity cost in terms of the alternative decisions that you have to make?Tonight, 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?
- Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing and finding pineapples. In a full day, Elliot can catch 6 fish or find 12 pineapples or some linear combination of the two; in the same time, Jordy can catch 4 fish or find 10 pineapples or some linear combination of the two. What are each individual’s marginal costs of fishing and finding pineapples? (must provide the correct answer for full credit, no additional work is necessary) Who has an absolute advantage in fish production? Who has an absolute advantage in finding pineapples? Briefly explain your reasoning. Who has a comparative advantage in fish production? Who has a comparative advantage in finding pineapples? Briefly explain your reasoning.You are an intern to the editor of a small-town newspaper in Mallsburg, Pennsylvania. Your boss, the editor, asks you to write the first draft of an editorial for this week’s paper. Your assignment is to describe the costs and the benefits of building a new bridge across the railroad tracks in the center of town. Currently, most people who live in this town must drive 2 miles through thickly congested traffic to the existing bridge to get to the main shopping and employment center. The bridge will cost the citizens of Mallsburg $25 million, which will be paid for with a tax on their incomes over the next 20 years. What are the opportunity costs of building this bridge? What are the benefits that citizens will likely receive if the bridge is built? What other factors might you consider in writing this editorial?trade-offs that you face in your life.Explain them using the terms resources, scarcity/scarce, rational decisions, efficient decisions. (Please give 2 examples)
- Suppose you are scheduled to work at your job for 4 hours Friday night, where you make $10.00 per hour. However, once Friday arrives you decide to "call in sick" so you can go to the movies with your friends. At the movies, you spend $10 on a ticket and $15 on refreshments. How much did the night at the movies cost you?Q6 Homework Answered Due Sep 7th, 11:59 PM . After much consideration, you have chosen Ireland over Spain for your Study Abroad program next year. However, the deadline for your final decision is still months away and you may reverse this decision. Which of the following events could prompt you to reverse this decision? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. The marginal benefit of going to Spain increases. b The marginal cost of going to Spain increases. The marginal benefit of going to Ireland increases. The marginal cost of going to Ireland decreases. X Your answerOne of the lessons of economics is that “there is no such thing as a free lunch.” This means that businesses, consumers, and whole societies face trade-offs whenever they make a decision. Please draw on your own experiences to discuss the following three items. Make sure you use economic concepts in your main contribution. Explain a decision that you have made at work, or one concerning your career, or any major life decision that you have made. Identify and explain the trade-offs that you faced. List the alternatives you had, identify the highest valued alternative, and explain your final decision to the class.