ECN (Micro)

Use the concept of opportunity cost to explain the following.
a. more people choose to get graduate degrees when the job market is poor.
b. more people choose to do their own home repairs when the economy is slow and hourly wages are down.
c. there are more parks in suburban than in urban areas.
d. convenience store, which have higher prices than supermarkets, cater in classes that meet before 10:00 am.
e. fewer students enroll in classes that meet before 10:00 am.

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asked by Dalia
  1. How would you like us to help you with this assignment?

  2. if you can explain how opportunity cost is used in each situation please.

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    posted by Dalia
  3. I'll do that if you explain what opportunity cost means.

  4. opportunity cost is doing something for/ instead of something else. it's what you must give up on something to get something else instead.

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    posted by Dalia
  5. OK.
    a. People who pursue graduate degrees give up earning any money in favor of making more money later.

    b. When people are unemployed or underemployed, they give up leisure time in order to save money on these repairs.

    c. The suburbs give up making money on taxes on businesses in favor of providing parks for their people.

    d. I don't understand. Do you have a typo here?

    e. These students give up an early start to their day in favor of sleeping in.

  6. sorry. d) convenience stores, which have higher prices than supermarkets, cater to busy people.
    and thank you

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    posted by Dalia
  7. I'm sure you can figure this one out. Why do people shop at convenience stores?

  8. because they have more varities/ subtitutes.

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    posted by Dalia
  9. No.

  10. because of the quality?

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    posted by Dalia

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