
Concept explainers
Subpart (a)
Relevance of
Subpart (a)

Explanation of Solution
The opportunity cost of going home is lost the time that can be used for other purposes like studying.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.
Subpart (b)
Relevance of opportunity cost.
Subpart (b)

Explanation of Solution
Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.
Subpart (c)
Relevance of opportunity cost.
Subpart (c)

Explanation of Solution
Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.
Subpart (d)
Relevance of opportunity cost.
Subpart (d)

Explanation of Solution
The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.
Subpart (e)
Relevance of opportunity cost.
Subpart (e)

Explanation of Solution
Opportunity cost of upgrading balcony is alternative use of that money.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.
Subpart (f)
Relevance of opportunity cost.
Subpart (f)

Explanation of Solution
Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.
Concept introduction:
Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.
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Chapter 2 Solutions
Principles of Economics (12th Edition)
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- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning





