Question

You want to go on vacation with your family. By going on vacation, you will have to miss five days of work where you earn $100 per day. a. What is the opportunity cost of going on vacation? b. What is the opportunity cost of staying home and working (instead of going onivacation)? Determine which logical fallacy is being committed in each of the following situations. Your choices are: "good intentions do not guarantee desirable outcomes," "association is not causation," "fallacy of composition," or slippery slope." . a. In an ttemt to engage is conservationism, Penn State institutesaS per page printer fee After the school year 25% of the students transfer to another institution. You discover that the real estate market in your neighborhood is very hot. In fact, you are able to sell your house for 50% more than you bought it for. You tell each of your neighbors that they should sell their houses too in order to take advantage of the hot market. Areas that sell greater quantities of sunscreen also have higher incidence rates of skin cancer. Based off of this, we can conclude that sunscreen causes skin cancer b. c.

Answer 1

4. A) Opportunity cost of something is the value of the next best alternative one gives up to do something else. If you go on a vacation then you'll give up five days of work where you earn $100 per day. Therefore, opportunity cost of going on vacation is $(100 * 5) = $500 that you could have earned by staying at home.

B) Opportunity cost of staying at home and working is the leisure and fun you could have experienced if you have gone on vacation with your family instead of staying at home.