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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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