Irene Ladies Menajang II C/ 100613031 MICROECONOMICS 1. One of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day. How do you go about allocating your time in a given day among competing alternatives? How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use the notion of opportunity cost in your answer. 2. “As long as all resources are fully employed and every firm in the economy is producing its output using the best available technology, the result will be efficient.” Do you agree or disagree wiith this statement? Explain this answer. ANSWER 1. For example me as a student in university before i go back to home, my friend ask me to watch movie on the
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