Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him of studying is zero. Since Ed chose to study rather than to watch Netflix, the value of studying must have been greater than the value of watching Netflix. the enjoyment he would have received if he had watched Netflix with his friends. the improvement in his grades from studying for the hour. the improvement in his grades minus the enjoyment of watching Netflix.

Ed spends an hour studying instead of watching Netflix with his friends. The opportunity cost to him of studying is zero. Since Ed chose to study rather than to watch Netflix, the value of studying must have been greater than the value of watching Netflix. the enjoyment he would have received if he had watched Netflix with his friends. the improvement in his grades from studying for the hour. the improvement in his grades minus the enjoyment of watching Netflix.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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