The opportunity cost of studying for the exam.

Question

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Answer 1

Question

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

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Answer 2

Question

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

Answer 6

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

Answer 7

Chapter 2, Problem 1P

(a)

To determine

The opportunity cost of studying for the exam.

Answer 8

(a)

Expert Solution

Explanation of Solution

When the student devotes time to study for the exam, it can make the student score high grades in the exam. However, it is to be noted that the time that student spends for studying can also be used for working and earning a wage or watching some films or playing some games or else studying other subjects. Thus, the money that could have made while working at the time, the leisure that the student could have if used for some other entertainment activities, and so on are the opportunity costs.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Opportunity cost: The opportunity cost is the money value of the next best alternative that we foregone while making the choices.

Answer 13

(b)

To determine

The opportunity cost of playing computer game.

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

Answer 14

(b)

To determine

The opportunity cost of playing computer game.

Answer 15

(b)

Expert Solution

Explanation of Solution

The time used for playing the computer game could have been used for studying. It could have helped the student to attain higher grades in the exam which helps to get admission for higher studies or attain good job in future. Otherwise, the time could have spent for other entertainments such as outdoor games or watching movies or meeting friends, and so on. These forms the opportunity cost to the player.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

(c)

To determine

The opportunity cost of buying new car.

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

Answer 20

(c)

To determine

The opportunity cost of buying new car.

Answer 21

(c)

Expert Solution

Explanation of Solution

When the individual purchases a new car, it needs a big amount of money for the purchase. The money spend on the new car could have been utilized for other purposes such as purchasing the household items or the personal needs or on many other goods and services instead of spending on a car. Thus, the value of all other goods and services which might be consumed with the money is the opportunity cost.

Answer 22

(c)

Expert Solution

Answer 23

(c)

Expert Solution

Answer 24

Expert Solution

Answer 25

(d)

To determine

The opportunity cost of increased property tax.

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

Answer 26

(d)

To determine

The opportunity cost of increased property tax.

Answer 27

(d)

Expert Solution

Explanation of Solution

The increased property tax takes away a higher tax from the people. This reduces the disposable income of the individual. Thus, the goods and services that could have been consumed with the additional income make the opportunity cost of the increased property tax.

Answer 28

(d)

Expert Solution

Answer 29

(d)

Expert Solution

Answer 30

Expert Solution

Answer 31

(e)

To determine

The opportunity cost of building a space station by a number of countries.

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

Answer 32

(e)

To determine

The opportunity cost of building a space station by a number of countries.

Answer 33

(e)

Expert Solution

Explanation of Solution

The space station is a very costly investment for every country. The country could have used the money to purchase necessary amenities for the people. Otherwise, the government could have provided tax reduction for its tax payers which would have helped the tax payers to increase their consumption of goods and services. All of these alternatives form the opportunity cost of spending for the space station.

Answer 34

(e)

Expert Solution

Answer 35

(e)

Expert Solution

Answer 36

Expert Solution

Answer 37

(f)

To determine

The opportunity cost of going for graduation.

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.

Answer 38

(f)

To determine

The opportunity cost of going for graduation.

Answer 39

(f)

Expert Solution

Explanation of Solution

The time spent for completing the graduation could have been spent for working and earning an income. Thus, all the income that could have earned through working and the leisure that could have attained through using the time for entertainment activities makes the opportunity cost of the individual.