Homework Answers
The correct answer is option 2
Explanation:- Increase in wages for a particular occupation is due to shortage of skilled workers in that occupation. To attract the talent towards the occupation and also to retain them, firms generally offer a wage higher than the equilibrium wage. The shortage of people in the occupation may be due to retirement of existing workers and difficulty in replacing them with new workers whose supply is limited.
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The correct answer is option 2
Explanation:- Opportunity cost refers to the cost of foregone opportunities i.e. the alternative use of money and time if a particular course of action was not undertaken. The cost of remaining in college consists of the money paid for books, tution fees which could have been invested elsewhere if Jake did not remain in college. Thus the opportunity cost represents the interest that could have been earned from the money spent in college if Jake did not remain in college. The other opportunity cost represents the money that Jake could have earned by joining the professional sports team. By remaining in college, Jake will loose the earnings from the professional sports team.
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Opportunity cost of skiing = Money spent on skiing + Money value of studying at the library
Opportunity cost of skiing = ( $ 104 + $ 90 ) + $ 74
Answer = 268
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