John has two options. Either to work as a part time mechanic or to teach students. Write the opportunity cost of john if he opts to teach students and if it is given that working part time can earn him $3000 per month
John has two options. Either to work as a part time mechanic or to teach students. Write the opportunity cost of john if he opts to teach students and if it is given that working part time can earn him $3000 per month
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
John has two options. Either to work as a part time mechanic or to teach students.
Write the
Expert Solution
Conceptual knowledge
# scarcity give rise to the concept of opportunity cost. We know that we cannot fulfill each and every want offer due to scarcity of resources and that is why we have to to let go one or more options to choose the best one.
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