This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, ... (Read 196 times)

xroflmao

  • Hero Member
  • *****
  • Posts: 515
on: Jun 30, 2018
Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2i) watch two half-hour TV sitcoms, (3) play pool, and (4) jog around town. You can only choose one activity. What is the opportunity cost of studying economics for one hour, given this information?
 a. Jogging around town.
 b. Watching two half-hour TV sitcoms.
 c. Playing pool.
 d. The sum of watching two half-hour TV sitcoms, playing pool, and doing your laundry.

Question 2

A good or service that is forgone by choosing one alternative over another is called a(n):
 a. explicit cost. b. opportunity cost.
  c. historical cost. d. accounting cost.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Viet Thy

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Jun 30, 2018
Answer to Question 1

b

Answer to Question 2

b


xroflmao

  • Hero Member
  • *****
  • Posts: 515
Reply #2 on: Jun 30, 2018
Thank you :)


Viet Thy

  • Sr. Member
  • ****
  • Posts: 329
Reply #3 on: Jun 30, 2018
Happy to help you


« previous next »
 

Did you know?

Limit intake of red meat and dairy products made with whole milk. Choose skim milk, low-fat or fat-free dairy products. Limit fried food. Use healthy oils when cooking.

Did you know?

There used to be a metric calendar, as well as metric clocks. The metric calendar, or "French Republican Calendar" divided the year into 12 months, but each month was divided into three 10-day weeks. Each day had 10 decimal hours. Each hour had 100 decimal minutes. Due to lack of popularity, the metric clocks and calendars were ended in 1795, three years after they had been first marketed.

Did you know?

There are more sensory neurons in the tongue than in any other part of the body.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Adenosine, Time of Day, and Hunger Adenosine, Time of Day, and Hunger
Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada Telomere length is related to the amount of time adults spend in leisure time activity. Source: Ada
Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho Running time on 100-meter sprint for men and women master athletes increases with age. Source: Korho
For a time Dr. Seuss—Theodor Seuss Geisel—drew political cartoons. This one, published in ... For a time Dr. Seuss—Theodor Seuss Geisel—drew political cartoons. This one, published in ...
Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011 Average real hourly wages (2010 dollars) by education level, full-time workers aged 17 to 34 in 2011
Alternative pre- mRNA processing of the rat-tropomyosin gene Alternative pre- mRNA processing of the rat-tropomyosin gene
Video: Decubitus Ulcer

For a complete list of videos, visit our video library