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Author Question: Suppose that the opportunity cost of a student's time is greater when he studies than when he works. ... (Read 61 times)

sammy

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on: Jun 29, 2018
Suppose that the opportunity cost of a student's time is greater when he studies than when he works. What mistake is he making and why?
 
  What will be an ideal response?

Question 2

For a person who consumes only steak and lobster, a fall in either the price of a steak or the price of a lobster shifts the budget line for the two leftward and does not change its slope.
 
  Indicate whether the statement is true or false


bfulkerson77

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Reply #1 on: Jun 29, 2018
Answer to Question 1

By arguing that his opportunity cost is higher for studying than when he works the student is saying that work has a more highly valued use for his time than studying. Working has a lower opportunity cost because the value of studying is less than the value or working. He should be working, not studying.

Answer to Question 2

FALSE


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