slayer8158 slayer8158

02-08-2017
Business

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Suppose that the alternative uses of an hour of your time in the evening, ranked from best to worst, are (1) study economics, (2i) watch two half-hour tv sitcoms, (3) play pool, and (4) jog around town. you can only choose one activity. what is the opportunity cost of studying economics for one hour, given this information?

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andriansp andriansp

09-08-2017

The opportunity cost of studying economics for one hour in this context would be: Watching two half-hour TV sitcoms
Opportunity cost refers to something that you have to sacrifice everytime one alternative is chosen. When the time is spent to study economics, the time available for you to watch tv will be gone.

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