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? Your work offers you $15 an hour in order to prevent you from quitting. What would you choose? Why?

1)Opportunity cost in time-10 hours In money 10*10=100 per week. 2)I would choose quarter because…

Answered: You have been going to school and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.

1. What is your opportunity cost if you make $10 per hour? (Answer in terms of both time and money.)
2. If you get paid $10 an hour and a quarter lasts 11 weeks what would you choose? Why?
3. Your work offers you $15 an hour in order to prevent you from quitting. What would you choose? Why?

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