Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she studies, her marginal benefit would be $90. Her marginal explicit cost would be $30. If she goes to the movies, her marginal benefit would be $50 and her marginal explicit cost would be $10. If she tutors someone, her marginal benefit would be $100 and her marginal explicit cost would be $50. If she works at the bakery, her marginal benefit would be $70 and her marginal explicit cost would be $40. What is Anna's opportunity cost of taking the best option?

Anna has four choices. She can study, go to the movies, tutor someone or work at the bakery. If she studies, her marginal benefit would be $90. Her marginal explicit cost would be $30. If she goes to the movies, her marginal benefit would be $50 and her marginal explicit cost would be $10. If she tutors someone, her marginal benefit would be $100 and her marginal explicit cost would be $50. If she works at the bakery, her marginal benefit would be $70 and her marginal explicit cost would be $40. What is Anna's opportunity cost of taking the best option?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Isocost and Isoprofit Curve Analysis

An isocost curve in the production theory that is a crucial part of economics depicts different combinations of factor inputs at a given market cost. In other words, this shows all the combinations of production factors that cost the same for the firm to employ. Usually, this can be depicted as a downward sloping straight line when the firms act as the price-takers in the factor markets. The slope of this mainly depicts the relative prices of different production factors.

Question

a. $80

b. $110

c. $50

d. $30

Anna has four choices. She can study, go to the movies, tutor someone, or work at the bakery. If she studies, her marginal benefit would be $90. Her marginal explicit cost would be $30. If she goes to the movies, her marginal benefit would be $50 and her marginal explicit cost would be $10. If she tutors someone, her marginal benefit would be $100 and her marginal explicit cost would be $50. If she works at the bakery, her marginal benefit would be $70 and her marginal explicit cost would be $40. What is Anna’s opportunity cost of taking the best option?

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