Question

You’re dreaming of what to do while stuck at home. You could wash the dishes which...

You’re dreaming of what to do while stuck at home. You could wash the dishes which you would pay someone $5 to do for you. You could play Minecraft which you value at $11. You could also take a nap and ignore everyone and everything else which you would pay $17 to do. If you to take a nap, what is your opportunity cost?

Group of answer choices

$17

$16

$11

$5

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Opportunity cost is the value of next best alternative that you have foregone in order to choose the alternative you have chose.

Here he chose to take a nap. If he did not take the nap then he can either wash the dishes and save $5 or he can play minecraft and thus obtain utility worth $12.

So, If he does not take a nap, then his next best alternative is play minecraft($11 >$ 5) which is worth $11. So, In order to take a nap he has sacrificed $11(Next best alternative) and opportunity cost of taking a nap is $11.

Hence, the correct answer is (c) $11.

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
Could you create an opportunity by offering solutions to problems? 2. what work do you usually...
Could you create an opportunity by offering solutions to problems? 2. what work do you usually avoid because of lack confidence?( 300 words ESSAY ) 3 What new technology can assist you? (300 wORDS ESSAY). 4)Can technological changes threaten your position? (300 words ESSAY ) 5) WHAT ARE BETTER AT THAN ANYONE ELSE? WHICH ACHIEVEMENTS ARE YOU MOST PROUD OF ? (200 WORS ESSAY)
1. What is amortization? Describe other types of loan arrangements. If you could afford to pay...
1. What is amortization? Describe other types of loan arrangements. If you could afford to pay cash for a home, is it worth it to take a mortgage out anyway? If no, why not. If yes, why. Here are the variables: 30 year amortized mortgage at 5% fixed Investment opportunity at 3.5% fixed Price of the home is $500,000. You’ll either invest $400,000 and make a down payment on the house of $100,000 and mortgage the rest. Hint: Find out...
1. What is amortization? Describe other types of loan arrangements. If you could afford to pay...
1. What is amortization? Describe other types of loan arrangements. If you could afford to pay cash for a home, is it worth it to take a mortgage out anyway? If no, why not. If yes, why. Here are the variables: 30 year amortized mortgage at 5% fixed Investment opportunity at 3.5% fixed Price of the home is $500,000. You’ll either invest $400,000 and make a down payment on the house of $100,000 and mortgage the rest. Hint: Find out...
Please do not attempt if you're not going to answer everything. If you don't answer everything...
Please do not attempt if you're not going to answer everything. If you don't answer everything I will report you. Just put the number and the choice. Thanks. 31. The NY energy code regulates all of the following except which? Heating and air conditioning systems Setback requirements Electrical and lighting systems Type of fuel used for heating 32. What do we call the idea that money available at the present time is worth more than the same amount in the...
An income consumption curve shows what happens to the consumer's consumption of good X as nominal...
An income consumption curve shows what happens to the consumer's consumption of good X as nominal income increases and Group of answer choices the price of X falls. the prices of X and Y stay constant. the price of Y falls. real income stays constant. Flag this Question Question 5 5 pts If you were selling a product in a setting where incomes were rapidly rising, which of the 4 Engel curve slopes listed below would you prefer for your...
Part III – Something's Not Right “It’s good to have you home, honey. I missed you....
Part III – Something's Not Right “It’s good to have you home, honey. I missed you. How was the flight?” Stacey had come to the airport to pick Frank up and she leaned over to kiss him as he climbed into the car with his luggage. “How were the meetings? You look tired,” she added. “The past week was intense and I am exhausted. I thought I would manage some R & R during the trip, but no such luck....
Discussion Question: What would you do case? (CH10) DUE 5/6 The words “Cessna Skyhawk” have special...
Discussion Question: What would you do case? (CH10) DUE 5/6 The words “Cessna Skyhawk” have special meaning for anyone who has ever wanted to learn to fly. At 27 feet long and 8 feet tall, with a 36-foot wingspan, a 140 mph cruising speed, and room for two adults and their luggage, more people have learned to fly with a Cessna Skyhawk than with any other plane in aviation history. In fact, the Cessna Skyhawk is the best-selling plane of...
Team 5 answer the questions What are 4 key things you learned about the topic from...
Team 5 answer the questions What are 4 key things you learned about the topic from reading their paper? How does the topic relate to you and your current or past job? Critique the paper in terms of the organization and quality. Incentive Systems             In this paper, we will focus primarily on financial rewards that companies use to attract, retain and motivate the brightest and most talented candidates in the labor market. By providing a reward system that...
The assignment summary sheets will be submitted week 14 with Test 3. You are to personally...
The assignment summary sheets will be submitted week 14 with Test 3. You are to personally experience the power and satisfaction of developing these skills firsthand and to reflect and write about this experience. Over the years, many students have shared amazingly rewarding experiences as they worked on these skills. The assignment will be evaluated and be weighted as 5% of your final mark (together, they are worth 20% of your mark for Test 3, which is worth 25% of...
step by step solution for the below question please Flag this Question Question 11 pts What...
step by step solution for the below question please Flag this Question Question 11 pts What is the difference between positive economics and normative economics? Group of answer choices Positive economics deals with dynamic systems, while normative economics focuses on static systems. Normative economics deals with how the world actually works, whereas positive economics focuses on what people ought to do. Positive economics requires making value judgments, while normative economics relies solely on factual statements. Normative economics applies in cases...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT