5. Point out the faulty reasoning in each of the following situations: a. You paid nonrefundable tuition of $3,000 to take a 15-week course. Therefore, the opportunity cost of attending class each week is $3,000 divided by 15, or $20. b. You discover some food in your pantry that has been sitting for...a while. Because you paid for it, you decide you have to eat it. c. What is a situation where you incorrectly or neglected to incorporate opportunity costs?

5. Point out the faulty reasoning in each of the following situations: a. You paid nonrefundable tuition of $3,000 to take a 15-week course. Therefore, the opportunity cost of attending class each week is $3,000 divided by 15, or $20. b. You discover some food in your pantry that has been sitting for...a while. Because you paid for it, you decide you have to eat it. c. What is a situation where you incorrectly or neglected to incorporate opportunity costs?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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