Microeconomics
Microeconomics
10th Edition
ISBN: 9781259655500
Author: David C Colander
Publisher: McGraw-Hill Education
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Chapter 1.1, Problem 4Q
To determine

Explain the opportunity cost of studying this chapter.

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You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your opportunity cost of seeing a movie this afternoon? Select one: O a. $57 O b. $12 ○ c. $22 ○ d. $8
How would you choose between a diamond and a bottle of water in the different scenarios described in the video? You MUST explain your answer using economic concepts you have learned in the course so far.  What did you or your family do during the severe shortage of toilet paper at the beginning of the pandemic in 2020?  How would you value a bag of 12 toilet paper compared to a diamond back then? Would it be different compared to during normal circumstances? Explain your answer.
Suppose you go to a restaurant and buy an expensive meal.  Halfway through, despite feeling quite full, you decide to clean your plate.  After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?
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