Chapter 2 Problems - Shannon Manno Chapter 2 Problems 1.1)...

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Shannon MannoChapter 2 Problems1.1) a) The potential opportunity cost would include the loss of time it takes me to travel home, which istime I could have spent doing other things I enjoy or need to accomplish, such as classwork.I wouldhave to take time off work in order to make the trip, which would result in lost wages.Wages whichcould have been used to purchase other items I want or specific things I need, such as food, clothing,utilities. I would also have to spend additional money to pay for gas and vehicle maintenance inorder to travel home.b) The potential opportunity cost for riding a bicycle 20 miles every day may include lost time, dueto the extensive amount of time it would take to ride a bike rather than drive a vehicle.Also, seeingas I’m not in the best shape another potential cost may be the physically strain on my body.A strainwhich could lead to needed rest time possibly resulting in a loss of work, which would then lead to
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Term
Fall
Professor
Mr. Kemmerer
Tags
Economics, Macroeconomics, Opportunity Cost, Net Income, potential opportunity cost, Shannon Manno

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