Question

Suppose you spent last night studying economics. You could have spent the night talking with friends....

Suppose you spent last night studying economics. You could have spent the night talking with friends. Suppose it would have been worth $40 to you to have talked with your friends. Alternatively, you could have spent your time studying for a public management exam. Suppose it would have been worth $50 to you to have studied for your management exam. Your opportunity cost of studying economics last night was:

A) $0.

B) $40.

C) $50.

D) $90

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct answer is (C) $50

Opportunity Cost is the value of the next best alternative you have sacrificed in order to choose the alternative you have chosen.

Here If have choose to study for my management exam then you will get $50 and If i you chooses talking with my friends the you will get $40. Hence If you haven't study economics then the next best alternative is study for management exam and hence Opportunity cost of choosing study economics is the value of benefit of studying for management exam. As value of studying for management exam is worth $50.

Hence Opportunity cost of choosing to study economics is $50.

Hence, the correct answer is (C) $50

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that the expected exam scores from studying economics for 0, 1, 2, or 3 hours...
Suppose that the expected exam scores from studying economics for 0, 1, 2, or 3 hours are 65, 80, 90, and 95 points, respectively, while the expected exam scores for studying 0, 1, 2, or 3 hours of accounting are 50, 65, 70, and 70 points, respectively. With 3 total hours of study time, your combined scores can be maximized by spending _______ hours studying economics. 1 2 3 4
Suppose you have midterms in economics and astronomy tomorrow. You only have 4 hours to study....
Suppose you have midterms in economics and astronomy tomorrow. You only have 4 hours to study. The table below provides the combinations of time spent studying economics and astronomy and your expected scores. Hours Studying Econ Score Hours Studying Astronomy Score 0 60 0 70 1 80 1 83 2 90 2 87 3 95 3 90 4 98 4 92 a. Draw a PPF. What is the opportunity cost, in terms of your grades, of studying one extra hour...
1. Each hour that one spends studying economics is an hour that could be used for...
1. Each hour that one spends studying economics is an hour that could be used for some other activity. The value of the most valuable activity given up to study economics is called a(n): marginal cost marginal benefit incentive opportunity cost 2. The “all-you-can-eat” buffet at Kobe Sushi Palace costs $15 at the entrance. In order to maximize your benefit at the buffet, you should: eat just enough to satisfy your hunger eat until the average cost per plate equals...
You have exams in economics and chemistry coming up and 5 hours available for studying. The...
You have exams in economics and chemistry coming up and 5 hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject. Hours Spent Studying Midterm Score Choice Economics Chemistry Economics Chemistry A 5 0 9595 7070 B 4 1 9292 7979 C 3 2 8989 8585 D 2 3 8484 9090 E 1 4 7979 9292 F 0 5 7272 9494 Use the multipoint curve drawing tool...
2. Suppose at Friday night, you have two options: (1) go to watch a movie; or...
2. Suppose at Friday night, you have two options: (1) go to watch a movie; or (2) work part time at Fred Meyer. The movie ticket costs $20. If you work part time that night, you can earn $60. (a) Is the cost of the ticket implicit cost or explicit cost of watching the move? (b) How much is the opportunity cost of going to the movie? (c) Can you calculate the opportunity cost of working part-time at that night?...
See Hint You recently got a job as an usher at the nearby movie theater. Last...
See Hint You recently got a job as an usher at the nearby movie theater. Last night, you had the opportunity to work but decided to take your very first vacation day. Suppose you could have earned $8 per hour for three hours of work. Instead, you went to a movie yourself, where you spent $15 on a ticket and popcorn. Your opportunity cost to see the movie was $ .
Suppose 6 of your friends have asked to go to the latest sci-fi movie with you....
Suppose 6 of your friends have asked to go to the latest sci-fi movie with you. You have studied your calendar and decided to see it on three particular occasions before it leaves town. If you plan to invite each of your 6 friends to join you once, how many ways can you do so? Suppose you want to have 2 friends with you each time you see it, how many ways can you do this?
(Write at least 1-2 paragraphs) One of your patients tells you they have been talking to...
(Write at least 1-2 paragraphs) One of your patients tells you they have been talking to their friends and family, and has decided to become a vegetarian. From a nurses’ perspective formulate a short patient teaching you would give.
For the last 10 years you have been working in the health food business. You have...
For the last 10 years you have been working in the health food business. You have talked to many customers who have suggested a new restaurant concept. The restaurant would feature a variety of low calorie meals (under 500) made from healthy ingredients (organic fruits and vegetables and steroid/hormone free meat). The restaurant would include a bar with an extensive organic wine list and trendy décor. There would be an emphasis on high quality, friendly service, and colorful meal presentation....
For the last 10 years you have been working in the health food business. You have...
For the last 10 years you have been working in the health food business. You have talked to many customers who have suggested a new restaurant concept. The restaurant would feature a variety of low calorie meals (under 500) made from healthy ingredients (organic fruits and vegetables and steroid/hormone free meat). The restaurant would include a bar with an extensive organic wine list and trendy décor. There would be an emphasis on high quality, friendly service, and colorful meal presentation....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT