Question 10 (11) Listen In general, the opportunity cost of an item is the number of hours needed to earn money to buy the item. what you give up to get that item. usually less than the dollar value of the item. the dollar value of the item. Question 11 (J Listen Very talented athletes who skip the last years of college to become professional athletes O obviously do not understand the value of a college education. usually do so because they are failing out of college. understand that the opportunity cost of continuing to attend college for them is very high and thus marginal costs outweigh marginal benefits. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for all athletes.

Question 10 (11) Listen In general, the opportunity cost of an item is the number of hours needed to earn money to buy the item. what you give up to get that item. usually less than the dollar value of the item. the dollar value of the item. Question 11 (J Listen Very talented athletes who skip the last years of college to become professional athletes O obviously do not understand the value of a college education. usually do so because they are failing out of college. understand that the opportunity cost of continuing to attend college for them is very high and thus marginal costs outweigh marginal benefits. are not making a rational decision since the marginal benefits of college outweigh the marginal costs of college for all athletes.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter8: Output, Price, And Profit: The Importance Of Marginal Analysis

Section8.A: Appendix The Relationships Among Total, Average, And Marginal Data

Problem 1TY

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Store Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 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 the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 64
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