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In some cases, realizing the opportunity cost can alter behavior. Imagine, for example, that you spend $8 on lunch every day at work. You may know perfectly well that bringing a lunch from home would cost only $3 a day, so the opportunity cost of buying lunch at the restaurant is $5 each day (that is, the $8 buying lunch costs minus the $3 your lunch from home would cost). $5 each day does not seem to be that much. However, if you project what that adds up to in a year-250 days a year × $5 per day equals $1,250, the cost, perhaps, of a decent vacation. If the opportunity cost is described as "a nice vacation" instead of "$5 a day," you might make different choices.
(Opportunity Cost) You can either spend spring break working at home for $80 per day for five days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What's your opportunity cost of going to Florida?
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You are examining the errors of a monthly one-step-ahead forecasting model that you have been using for eight years. You have 96 months of forecasts
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What fraction of the total variation in the quantity demanded of good Y remains unexplained? What can the student do to increase the explanatory power of his demand equation? What other variables might he add to his demand equation?
What monetary policies and fiscal policies were implemented during the recession? How did the recession affect U.S. trade relations and the U.S. dollar exchange rate?
(a) Distinguish between returns to variable proportions and returns to scale. (b) Explain the following concepts:
Why was there a decrease in the share of the wage differential between whites and Hispanics that can be attributed to discrimination?
Production possibilities have been used by several economist to develop their theories. What is its definition?
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