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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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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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?
Lashed is a college student and lives off a budget of $100/week. She spends all of it on Chipotle meals and/or Starbucks. Her Chipotle meal costs her $10 and her Starbucks bucks drink costs her $6. Calculate the opportunity costs of one of her Starbucks drinks in terms of Chipotle meals. Write your answer as a whole number or using decimals. For instance, 2, 3, 0.4, 0.8, 1.5, etc.
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?
1. Scarcity, opportunity cost, and marginal analysis Musashi is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the following scenario: Because his ski training sessions are helping him quickly improve at skiing, Musashi plans to reduce the time he spends training at the shooting range by an hour, and increase the time he spends skiing by an hour. However, his training partner says that he should pause all shooting practice and spend the entire 15 hours this week in the pool. Which basic principle of individual choice does Musashi's plan illustrate that his training partner's advice does not? Many decisions are made on the margin. People usually exploit opportunities to make themselves better off. Resources are scarce. All costs are opportunity costs.
Please recheck and provide clear full solutions and graphs with explanation
explains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.
Why should the economic decision be based on the objective of making the best use of limited resources?
Suppose Barry Wayne has a budget of $120 and is deciding between purchasing membership to Hulu which costs $40 and Netflix which costs $201. Graph the line that demonstrates your example. Be sure to label the y -axis, x - axis, line, and how to identify the opportunity cost in the graph. 2. Calculate the opportunity cost. 3. Show what will happen graphically if Barry Wayne lowers the budget from $120 to $80 4. Explain how the opportunity cost changes in your graph

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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.