Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, “Choose the activity with the highest value” (A). Another rule she could follow is, “Choose the activity with the lowest opportunity cost” (B). Do you think Bong-Cha’s choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, “Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?”]. Explain. (
Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she could follow is, “Choose the activity with the highest value” (A). Another rule she could follow is, “Choose the activity with the lowest opportunity cost” (B). Do you think Bong-Cha’s choice if she follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to think about it, “Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?”]. Explain. (
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she
could follow is, “Choose the activity with the highest value” (A). Another rule she could follow is,
“Choose the activity with the lowest
follows rule (A) will be the same as the choice she would make if she followed rule (B)? [another way to
think about it, “Is rule (A) identical to rule (B) in a sense that they would both induce the same choice?”].
Explain. (8
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