QUESTION 7 y Question Completion Status You are deciding whether or not to go on

Question

QUESTION 7 y Question Completion Status You are deciding whether or not to go on a charter boat fishing for halibut this weekend. It costs $100 for transportation, $150 for lodging, $200 for the charter boat, and $50 to tip the charter boat captain. You are unemployed. What would an economist tell you is the total cost of going fishing? Gust type in the number, do not included the $ sign) QUESTION 8 10 points Sa You are deciding whether or not to go on a charter boat fishing for halibut this weekend. It costs S$100 for transportation, S150 for lodging, $200 for the charter boat, and S50 to tip the charter boat captain. If you had not gone fishing you could have worked at the Alaska Sattelite Facility (ASK) and earned S200 as a computer programmer. Your enjoyment of this fhishing trip is worth S600. Do you go fishing? Yes, you go fishing Click Save and Submit to save and submit Click Save All Answers to save all ans Save All Answers Save and

Explanation / Answer

Ans7) total cost = 100 + 150 + 200 + 50 = 500

Ans8) total cost = 100 + 150 + 200 + 50 + 200 = 700

Note: Since you are employed so the total cost will also include the loss of $200 which you could have earned by not going to fishing but by going to work.

The benefit you derive is $600. Since the total cost exceeds the total benefit so you will no go for fishing.

No. You will not go fishing.

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