3. Problems and Applications Q3 Consider the outdoor activity of skiing. Assume

Question

3. Problems and Applications Q3 Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying 3. Problems and Applications Q3 Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying 3. Problems and Applications Q3 Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . The opportunity cost of going skiing is . The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying Now suppose you had been planning to spend the day working at your part-time job. Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The rental of any ski equipment you need The rental of any ski equipment you need The wages you forgo by going skiing The wages you forgo by going skiing The wages you forgo by going skiing The cost of a lift ticket The cost of a lift ticket The cost of a lift ticket The cost of the ski jacket you purchased last year The cost of the ski jacket you purchased last year The cost of the ski jacket you purchased last year The value of your time spent studying The value of your time spent studying The value of your time spent studying 3. Problems and Applications Q3 Consider the outdoor activity of skiing. Assume that the rental cost of ski equipment is $35 and a lift ticket costs $60. If you go skiing, you would also wear the ski jacket you purchased last year for $180. If you do not go skiing, you could either work at your part-time job, which would earn you $80, or study at the library, which you value at $25. Suppose that you were planning to spend Saturday studying at the library, but a friend asks you to go skiing. The opportunity cost of going skiing is . Now suppose you had been planning to spend the day working at your part-time job. What is included in the opportunity cost of going skiing in this case? Check all that apply. The rental of any ski equipment you need The wages you forgo by going skiing The cost of a lift ticket The cost of the ski jacket you purchased last year The value of your time spent studying

Explanation / Answer

1. The opportunity cost of skiing is = $25

Reason: opportunity cost is the cost associated with the next best alternative. Here, the next best alternative is studying at library that costs $25.

2. The correct answer is: b)

Reason: here, the next best alternative is going for the part-time job and the opportunity cost is the wage forgone by going skiing.

Thanks!

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