8 So.Question 8Brendan K. decides to spend two hours playing basketball rather than attending his classés. Hisopportunity cost of playing basketball isnothing, since he valued playing basketball more than class attendance.the $24 he could have earned if he had worked at his job for those two hours.the value of his basketball time less the value of attending class.O the value of the knowledge he would have received had he attended class.Question 0

Question 8 Brendan K. decides to spend two hours playing basketball rather than attending his classés. His opportunity cost of playing basketball is O nothing, since he valued playing basketball more than class attendance. O the $24 he could have earned if he had worked at his job for those two hours. the value of his basketball time less the value of attending class. the value of the knowledge he would have received had he attended class. Question D.

Question 8 Brendan K. decides to spend two hours playing basketball rather than attending his classés. His opportunity cost of playing basketball is O nothing, since he valued playing basketball more than class attendance. O the $24 he could have earned if he had worked at his job for those two hours. the value of his basketball time less the value of attending class. the value of the knowledge he would have received had he attended class. Question D.

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter2: Scarcity And Opportunity Costs

Section: Chapter Questions

Problem 14E

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Store Travel Time Each Way (minutes) Price of a Skirt (Dollars per skirt) Local Department Store 15 103 Across Town 30 87 Neighboring City 60 64 Juanita makes $16 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $16 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the opportunity cost of Juanita's time and the total cost of shopping at each location. Store Opportunity Cost of Time Price of a Skirt Total Cost (Dollars) (Dollars per skirt) (Dollars) Local Department Store 103 Across Town 87 Neighboring City 64
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