Essentials of Economics (MindTap Course List)
7th Edition
ISBN: 9781285165950
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 2QCMC
To determine
The
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The opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.
What is the opportunity cost of going to a movie?
the price of the ticket
the price of the ticket plus the cost of any soda and popcorn you buy at the theatre
the total cash expenditure needed to go to the movie plus the value of your time
zero, as long as you enjoy the movie and consider it a worthwhile use of time and money
Opportunity cost
Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.
Chapter 1 Solutions
Essentials of Economics (MindTap Course List)
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1QRCh. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QR
Ch. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1QCMCCh. 1 - Prob. 2QCMCCh. 1 - Prob. 3QCMCCh. 1 - Prob. 4QCMCCh. 1 - Prob. 5QCMCCh. 1 - Prob. 6QCMCCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PACh. 1 - Prob. 12PA
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Similar questions
- What is opportunity cost and what is its significance. In my homework .arrow_forwardNonearrow_forwardMatch each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.arrow_forward
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costarrow_forwardWhy is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forwardA family have inherited £15,000 from a long lost aunt. They are weighing up whether to buy a new car or go on a trip to Australia for a month. They decide to go to Australia. The opportunity cost of this decision is a) the cost of going to Australia. b) the cost of a buying a new car. c) the benefits of going to Australia. d) the benefits of having a new car.arrow_forward
- Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.arrow_forwarda. $80 b. $110 c. $50 d. $30arrow_forwardIdentify and describe the opportunity cost of an activity that you enjoy. Remember to consider everything you must give up to take part in this activity. Using opportunity cost and benefits, demonstrate how someone might decide whether to participate in your activity or not.arrow_forward
- Opportunity cost You decide to spend $80 on some great shoes and do not pay your electric billarrow_forwardYou pay a cover charge of $50 to get into a popular local nightclub. As the DJ is playing and you are dancing, you suddenly realize that you would much rather be at home studying economics. But $50 is a lot of money for you. Shouldn’t that affect your decision to stay or go? Select one: a. No. The $50 is a sunk cost. b. Yes. The $50 is an avoidable cost. c. Yes. Stay and get your money’s worth. d. No. This is your special night out, so don’t consider costs of any kind.arrow_forwardFind the attached file.arrow_forward
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