Considering only three possible alternative uses of time

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You are considering only three possible alternative uses of this time: Running, going to the movies or Pilates. You place the following monetary values on how much you enjoy each of the three respective activities: $20, $10 and $50. What is the opportunity cost of each of the three activities? Which do you pick? How much would I have to pay you to choose your second best alternative? How much would I have to pay you to sit in a corner for the hour (assume you get $0 happiness from doing so)? In each case, explain your answer.

Reference no: EM131194911

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