Microeconomics (Book Only)
12th Edition
ISBN: 9781285738307
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 1, Problem 1VQP
To determine
The
Expert Solution & Answer
Explanation of Solution
The opportunity cost will not be equal to all students in the class. The opportunity cost refers to the given up benefits in the process of obtaining some other benefits. When the students attend the class, each one gives up reading, sleeping or part time jobs in order to get the benefit from attending the economics class. That means the benefits given up to obtain the other benefit for each one will be different.
Thus, the opportunity cost of attending class will be different to each student.
Economics Concept Introduction
Opportunity cost: The opportunity cost refers to the given up benefits in the process of obtaining some other benefits.
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Chapter 1 Solutions
Microeconomics (Book Only)
Ch. 1.2 - Prob. 1STCh. 1.2 - Prob. 2STCh. 1.2 - Prob. 3STCh. 1.3 - Prob. 1STCh. 1.3 - Prob. 2STCh. 1.3 - Prob. 3STCh. 1.5 - Prob. 1STCh. 1.5 - Prob. 2STCh. 1.5 - Prob. 3STCh. 1.5 - Prob. 4ST
Ch. 1 - Prob. 1VQPCh. 1 - Prob. 2VQPCh. 1 - Prob. 3VQPCh. 1 - Prob. 4VQPCh. 1 - Prob. 5VQPCh. 1 - Prob. 1QPCh. 1 - Prob. 2QPCh. 1 - Prob. 3QPCh. 1 - Prob. 4QPCh. 1 - Prob. 5QPCh. 1 - Prob. 6QPCh. 1 - Prob. 7QPCh. 1 - Prob. 8QPCh. 1 - Prob. 9QPCh. 1 - Prob. 10QPCh. 1 - Prob. 11QPCh. 1 - Prob. 12QPCh. 1 - Prob. 13QPCh. 1 - Prob. 14QPCh. 1 - Prob. 15QPCh. 1 - Prob. 16QPCh. 1 - Prob. 17QPCh. 1 - Prob. 18QPCh. 1 - Prob. 19QPCh. 1 - Prob. 20QPCh. 1 - Prob. 21QPCh. 1 - Prob. 22QPCh. 1 - Prob. 23QPCh. 1 - Prob. 24QPCh. 1 - Prob. 25QPCh. 1 - Prob. 26QPCh. 1 - Prob. 27QPCh. 1 - Prob. 1WNGCh. 1 - Prob. 2WNGCh. 1 - Prob. 3WNG
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Similar questions
- Explain why economics is so coolarrow_forwardWhat is an Opportunity Cost in economics? Answer by giving an example.arrow_forwarda) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life. b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends? c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?arrow_forward
- You have the evening free. You have a choice between going to a concert with a friend or studying economics for three hours. If you go to the concert, you will spend $35.00 on a ticket and $15.00 on snacks. If you choose to study economics for three hours, you will raise your exam grade by 20 points. From the above information, what is your opportunity cost of going to the concert?arrow_forwardWhat is the problem that economists see with our resources and our wants? Please just answer with one or two sentences.arrow_forwardSomeone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it.arrow_forward
- Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?arrow_forwardYou are 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 to skiing?arrow_forwardOpportunity cost is whatever you give up to get something. What is the opportunity cost of staying up all night to study for your economics final exam? What would you be giving up to stay up all night to study for your exam?arrow_forward
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