You are an elementary-school principal and have a budget of $1m per annum. You can spend this on teachers, each with a total salary and benefit cost of $50,000 per year. Or you can spend it on Free School Meals for students at a cost of $500 per student per year. To help make your budgetary choices you draw out the budget constraint. What is the opportunity cost in terms of students receiving free school lunches for a year for one more teacher?
You are an elementary-school principal and have a budget of $1m per annum. You can spend this on teachers, each with a total salary and benefit cost of $50,000 per year. Or you can spend it on Free School Meals for students at a cost of $500 per student per year. To help make your budgetary choices you draw out the budget constraint. What is the opportunity cost in terms of students receiving free school lunches for a year for one more teacher?
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter2: Some Tools Of The Economist
Section: Chapter Questions
Problem 17CQ
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![You are an elementary-school principal and have a budget of $1m per annum. You can spend this on teachers, each with a total
salary and benefit cost of $50,000 per year. Or you can spend it on Free School Meals for students at a cost of $500 per student
per year.
To help make your budgetary choices you draw out the budget constraint.
What is the opportunity cost in terms of students receiving free school lunches for a year for one more teacher?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F098254dd-82a2-43af-8cf1-8f596bcb0527%2Fdcd77f5a-dcbc-47bd-b663-52fef6aac1c7%2F5i743p5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You are an elementary-school principal and have a budget of $1m per annum. You can spend this on teachers, each with a total
salary and benefit cost of $50,000 per year. Or you can spend it on Free School Meals for students at a cost of $500 per student
per year.
To help make your budgetary choices you draw out the budget constraint.
What is the opportunity cost in terms of students receiving free school lunches for a year for one more teacher?
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