The relevance of opportunity cost in allocation of time

Question

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Answer 1

Question

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

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Students have asked these similar questions

a) Trade-offs are important part of economic decision making. You are supposed to Analyze and explain any three trade-offs that you face in your life. b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do you think is the true cost of spending your weekend on a farmhouse with friends? c) You plan to spend your weekend working at your father’s superstore for a wage, but your friends ask you go play cricket at the weekend. What do you think is the true cost of spending your weekend playing cricket with friends?

What are the decisions that people have usually made that incurred opportunity costs?

give three examples of important tradeoffs that you face in your life

Answer 2

Question

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

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Answer 3

Question

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

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Answer 4

Question

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

Answer 6

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.

Economics Concept Introduction

Concept introduction:

Opportunity cost: The best alternative cost that forgoes, or give up, when a choice has to be taken is termed as the opportunity cost.

Answer 7

Chapter 1, Problem 1.1P

To determine

The relevance of opportunity cost in allocation of time

Answer 8

Expert Solution & Answer

Explanation of Solution

The decision regarding the allocation of time involves many trade-off situations. Thus, the allocation of time for different alternatives depends upon its opportunity cost. People balance their competing alternatives according to the time available to them and its opportunity cost. Simply, in this case, the opportunity cost that arises due to the scarcity of time and increasing number of competing alternatives of people.