a.) Explain a recent opportunity cost for one of your life's activities or material choices you made?b.) Explain why it was technically an opportunity cost for you by relating the textbook definition of opportunity cost to the example youprovided.

a.) Explain a recent opportunity cost for one of your life's activities or material choices you have…

Answered: a.) Explain a recent opportunity cost…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 7QP

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How does the concept of opportunity cost apply to personal decisions when you have limited income and time? Provide an example.
Please explain it
Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O O
Explain what is meant by opportunity cost of choice
Consider your decision about whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend costs $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss to go skiing, which pays you $120. Calculatethe opportunity cost of going skiing? Do you need any other information about computing the opportunity cost?
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Explain a situation where you had to make a choice given different options due to limited resources?
2 ) Use the graph to calculate Mary’s opportunity cost of an hour of skating when she increases her time spent skating from: a) 2 to 4 hours a week. b) 4 to 6 hours a week. c) describe the relationship between the time Mary spends skating and the opportunity cost of an hour of skating.
How does the slope of a budget line illustrate opportunity costs and trade-offs? How does a budget line illustrate scarcity and the effect of limited incomes?
Define opportunity cost in three (3) words/phrases and explain why
Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $120 (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Do you need any other information before computing the opportunity cost?
vidence accumulates that the use of chemical fertilizers, which increases agricultural production greatly, damages water quality. A) Explain in words how you would draw a production possibility curve to depict this (which “good” should be placed on each axis) and why your curve would have a particular shape. B) In what ways does the production possibilities curve from part a) reflect scarcity, choice and opportunity cost? C) Discuss THREE possible impacts of an improved fertilizer on the production possibility frontier from part a.

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a.) Explain a recent opportunity cost for one of your life's activities or material choices you made? b.) Explain why it was technically an opportunity cost for you by relating the textbook definition of opportunity cost to the example you provided.