2. You have 3 hours of free time. And you can think of 3 different uses of your time: 1) watching TV, 2) reading a novel, 3) playing basketball, Suppose you value them at $30, $25, $35, respectively. a) What is the opportunity cost of watching TV? Please specify the dollar value and explain how you get that answer. b) What is the opportunity cost of playing basketball? Please specify the dollar value and explain how you get that answer. c) Should you use the 3 hours of time to read a novel? Why or why not? Briefly explain your reasoning.

2. You have 3 hours of free time. And you can think of 3 different uses of your time: 1) watching TV, 2) reading a novel, 3) playing basketball, Suppose you value them at $30, $25, $35, respectively. a) What is the opportunity cost of watching TV? Please specify the dollar value and explain how you get that answer. b) What is the opportunity cost of playing basketball? Please specify the dollar value and explain how you get that answer. c) Should you use the 3 hours of time to read a novel? Why or why not? Briefly explain your reasoning.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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