You face three mutually exclusive options for next summer:
Option A: Work 40 hours a week at the local WalMart and earn $3,500 dollars.
Option B: Work only 30 hours a week at a local restaurant and earn $2,500 dollars. The ten hours per week of additional leisure (compared to a 40-hour work week) are worth a total of $800 to you.
Option C: Work 50 hours a week at McDonald’s and earn $4,000. The ten hours per week of sacrificed leisure (compared to a 40-hour work week) are worth a total of $800 to you.
What is the opportunity cost of choosing option A?
$500 - the discrepancy between the monetary benefits of option A and the monetary benefits of option C |
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$3,300 – the net benefits of the most highly valued alternative necessarily sacrificed. |
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$6,500 – the sum of the net benefits of options B and C |
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$4,000 – the monetary gain of option C. Only money counts in economics. |
Resources are categorized into three broad categories: Land, Labor, and Capital. Capital is subdivided into physical and human capital. Determine which category each of the following examples belongs in:
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B is right answer because oppurtunity cost considers only the best alternative. Note 4000-800=3200 only
2 it is human capital since knowledge is always human capital
B it is labour. How much one works for what wage rate or income
C money is not a resource but only medium of exchange and store of value
D oil wells are considered as natural resources seperately but more generally as land
E it is machinery and thus physical capital
F labor s labour is hired for this jo
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