Cost of Homework. These distinctions between economic and accounting costs apply also to the "production" of homework. You can pay people to write term papers for you or buy them off the Internet. At large schools you can often buy lecture notes as well. But most students do their own homework so they'll learn something and not just turn in required assignments. Doing homework is expensive, however, even if you don't pay someone to do it. The time you spend reading this chapter is valuable. You could be doing something else if you weren't reading right now. What would you be doing? That forgone activity-the best alternative use of your time-represents the economic cost of doing homework. Even if you don't pay your- self for reading this chapter, you'll still incur that economic cost.
Cost of Homework. These distinctions between economic and accounting costs apply also to the "production" of homework. You can pay people to write term papers for you or buy them off the Internet. At large schools you can often buy lecture notes as well. But most students do their own homework so they'll learn something and not just turn in required assignments. Doing homework is expensive, however, even if you don't pay someone to do it. The time you spend reading this chapter is valuable. You could be doing something else if you weren't reading right now. What would you be doing? That forgone activity-the best alternative use of your time-represents the economic cost of doing homework. Even if you don't pay your- self for reading this chapter, you'll still incur that economic cost.
Chapter1: Making Economics Decisions
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Problem 1QTC
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Transcribed Image Text:**The Cost of Homework**
These distinctions between economic and accounting costs apply also to the "production" of homework. You can pay people to write term papers for you or buy them off the Internet. At large schools you can often buy lecture notes as well. But most students do their own homework so they’ll learn something and not just turn in required assignments.
Doing homework is expensive, however, even if you don’t pay someone to do it. The time you spend reading this chapter is valuable. You could be doing something else if you weren’t reading right now. What would you be doing? That forgone activity—the best alternative use of your time—represents the economic cost of doing homework. Even if you don’t pay yourself for reading this chapter, you’ll still incur that *economic cost*.
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