Ed spends an hour studying instead of watching tv with his friends. The opportunity cost to him of studying isSelect one:Oa.zero. Since Ed chose to study rather than to watch tv, the value of studying must have been greater than the value of watchingtv.O b. the improvement in his grades from studying plus the enjoyment of watching tv.the enjoyment he would have received if he had watched tv with his friends.O d. the improvement in his grades from studying for the hour.O e. the improvement in his grades from studying minus the enjoyment of watching tv.

option C is the right answer "The enjoyment we would have received if he had watched tv with his…

Answered: Ed spends an hour studying instead of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 Discounted minutes away from where she works, and pay a marked-up Marked-up price price price of $102 for the suit: Juanita's office Original price Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Store Local Department Store 15 102 Across Town 30 88 Neighboring City 60 63 Juanita makes $18 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $18 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing…
A numeraire good is O A) A good worth money O B) A good whose value is agreed upon O C) A good widely used in trade O D) A good in which the value of other goods is expressed
Leigh has two slices of pizza for lunch. The marginal benefit that Leigh receives from the second slice of pizza is O A. the total benefit she receives from eating two slices of pizza O B. the opportunity cost of producing the second slice of pizza OC. the maximum amount that she is willing to pay for the second slice of pizza O D. the maximum amount that she is willing to pay for two slices of pizza
Suppose Bella has $1000 to spend on watches and/or bracelets. Watches cost $30 each and bracelets cost $10 each. What is the opportunity cost of buying 1 bracelet? Group of answer choices A)30 watches B)1/3 of a watch C)1 watch D)3 watches
John is thinking about going to the movies tonight . A ticket costs $ 9 and he will have to cancel his baby - sitting job that pays $ 20 . The total opportunity cost of seeing the movie is O A ) $9 O B ) $29 O C ) Indeterminate O D ) $ 29 minus the benefit of seeing the movie
The production possibilities are listed below: Coconuts Pineapples 8. 2. 4 2 8. Which of the following best describes the PPF for the information above? Select one: O a. The opportunity cost of producing an additional pineapple decreases as the amount of coconuts produced decreases O b. The opportunity cost of producing an additional pineapple is the same at every point O c. The opportunity cost of producing an additional pineapple is zero at every point O d. The opportunity cost of producing an additional pineapple increases as the amount of coconuts produced increases 6. 4.
2. You have 3 hours of free time. And you can think of 3 different uses of your time: 1) watching TV, 2) reading a novel, 3) playing basketball. Suppose you value them at $30, $25, $35, respectively. a) What is the opportunity cost of watching TV? Please specify the dollar value and explain how you get that answer. b) What is the opportunity cost of playing basketball? Please specify the dollar value and explain how you get that answer. c) Should you use the 3 hours of time to read a novel? Why or why not? Briefly explain your reasoning.
Opportunity cost can be measured as the: Select one: O a. Increase in the quantity produced of one good divided by the decrease in the quantity produced of another good as we move along the production possibilities frontier. b. Decrease in the quantity produced of one good divided by the increase in the quantity produced of another good as we move along the production possibilities frontier. c. Increase in the quantity produced of one good as we move along the production possibilities frontier. d. Decrease in the quantity produced of one good as we move along the production possibilities frontier.
8
Which of the following would shift an economy's production possibilities curve to the left? Select one: O a. the country discovers a new energy source O b. dramatic increases in economic growth O c. a major increase in the number of people in the labour force O d. an increase in the retirement age O e. the country experiences a major natural disaster affecting its capital goods
Suppose you are a discus hurler and your goal is to maximize the distance you achieve. You "produce" discus hurls by practicing. The total benefit of practice is distance achieved, and the input that achieves this distance is hours of practice. Assuming that practice yields diminishing returns, which of the following would most accurately describe the shape of your total benefit curve? O The total benefit curve would slope upward at a diminishing rate. O The total benefit curve would be a straight line until the maximum is reached. O The total benefit curve would slope downward at a diminishing rate. O The total benefit curve would rise quickly and then fall at a diminishing rate until the minimum is reached.

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