Analysis of opportunity cost .

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what are four goods and services that people consumed on an average day

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Chapter 1, Problem 3PA

To determine

Analysis of opportunity cost.

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what are four goods and services that people consumed on an average day

Something that is perceived as a luxury rather than a need is something that brings pleasure. Worldwide, the majority of people view food, shelter, and water as requirements. Undoubtedly, indoor plumbing and electricity would be included on the list by many Americans. As opposed to being a luxury, internet connection is increasingly considered as a need. But is it actually essential for surviving? What then happens to those who don't utilize or have access to the internet? Could the expansion of e-commerce be impacted by how people view Internet connection as a need or a luxury?

Suppose you are in charge of snow removal in your community and you are trying to figure out if you should clear snow on a street. You survey the 20 people that live on that street who say they they each value having snow cleared on their street at $50 per year. The snow removal only costs $600 per year so you hire a snow plow and clear the snow that winter. When you ask for donations to pay for the snow removal you only receive $80. What does this result show? a The people on that street were free-riders. b The snow removal suffered from the Tragedy of the Commons problems. c The snow removal cost must have been greater than their economic benefit. d You must have overestimated the value of a fireworks show. Please suggest me right answer with explanation