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quiz1-ans - Econ 0100-Quiz 1 1 Ryan spends an hour studying...

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S 1 Price  S D D 1 Quantity  Econ 0100—Quiz 1 1. Ryan spends an hour studying instead of watching TV with his friends. His opportunity cost of studying is  equal to a. the enjoyment he would have received had he watched TV with friends. b. zero. Since Ryan chose to study rather than to watch TV, the value of studying must have been greater  than the value from watching TV. c. the improvement in his grades from studying for the hour. d. the difference between the improvement in his grades from studying minus the enjoyment from TV. The graph to the right illustrates the PPF (production possibilities frontier)  for maple syrup and honey for John and Kate who live on two separate  islands.  Both have equal amounts of resources available for the  production of maple syrup and honey.
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