Karmin wants to clean her house, finish her economics problem set, write her English essay, and spend time with her boyfriend. However, she only has time to choose one of these activities.
Karmin chooses to finish her economics problem set. Hence, the opportunity cost of finishing her economics problem set is _________________________.
The opportunity cost of finishing her economics problem set is the value of the next best alternative activity she gives up, which in this case is cleaning her house, writing her English essay, and spending time with her boyfriend. To determine this value, we need to consider which activity Karmin values the most after finishing her economics problem set.
Let's say Karmin values spending time with her boyfriend the most among her remaining options. In that case, the opportunity cost of finishing her economics problem set would be the happiness or satisfaction she could have gained from spending time with her boyfriend.
On the other hand, if she values cleaning her house or writing her English essay more, then the opportunity cost would be the satisfaction or benefits she could have derived from those activities.
Ultimately, determining the exact opportunity cost depends on Karmin's personal preferences and how she prioritizes the value of each activity.