Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost ofnapping isSelect one:O a. the $24 she could have earned if she had worked at her job for those two hours.O b. the value of her nap less the value of the knowledge she would have received had she attendedclass.O c.the value of the knowledge she would have received had she attended class.O d.nothing, since she valued sleep more than attendance at class.O e. the value of her nap plus the value of the knowledge she would have received had she attended class. Which of the following is not an example of a group responding to an incentive?Select one:Universities offer fewer online classes when they generate more revenue than traditional classes.O b. Students attend class because of an attendance policy that reduces their grade for absences.O c. Consumers buy more of a product when it is on sale at a reduced price.O d. Employees work harder to earn higher commissions.

Answered: Ellie decides to spend two hours taking…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Ellie decides to spend two hours taking a nap rather than attending her classes. Her opportunity cost of
napping is
Select one:
O a. the $24 she could have earned if she had worked at her job for those two hours.
O b. the value of her nap less the value of the knowledge she would have received had she attended
class.
O c.
the value of the knowledge she would have received had she attended class.
O d.
nothing, since she valued sleep more than attendance at class.
O e. the value of her nap plus the value of the knowledge she would have received had she attended class.

Which of the following is not an example of a group responding to an incentive?
Select one:
Universities offer fewer online classes when they generate more revenue than traditional classes.
O b. Students attend class because of an attendance policy that reduces their grade for absences.
O c. Consumers buy more of a product when it is on sale at a reduced price.
O d. Employees work harder to earn higher commissions.

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Opportunity cost is the benefit that is lost when a different option is chosen. You must balance the drawbacks and advantages of each potential option before you can determine opportunity cost. Lack of awareness of opportunity costs prevents businesses from making a profit. The capital structure of the business is also established with its help.

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