Recitation

Recitation - ECON-001-212/213 Recitation 9 September 2011...

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Unformatted text preview: ECON-001-212/213 Recitation 9 September 2011 Logistics ECON 212-001-212 (F 10-11)/ ECON 212-001-213 (F 11-12) TA: Margaret Agustina (agustina@sas.upenn.edu) OH: Thurs (9-10 am) & Fri (3-4 pm), MCNB 413 Location: COLL 318 What will be covered in recitation sessions: Going over HW/midterms Going over some (NOT ALL) class material Opportunity costs The opportunity cost of something is the highest-valued alternative that must be given up to get it E.g. Opportunity cost of being in school include: Things you cannot afford to buy: the income you spent on tuition, residence, books can be spent on other things like holidays, baseball games etc. Things you cannot do with your time: the time Exercise 1. John works as a doctor, earning $80,000 a year. He is extremely happy since that is exactly what he always wanted to be. John could alternatively work as a janitor, earning $20,000 per year and getting no other pleasure from the job. Which of the following statement is true: A. The opportunity cost for John of being a doctor is 0, since that is his preferred job. Exercise 1. John works as a doctor, earning $80,000 a year. He is extremely happy since that is exactly what he always wanted to be. John could alternatively work as a janitor, earning $20,000 per year and getting no other pleasure from the job. Which of the following statement is true: A. The opportunity cost for John of being a doctor is 0, since that is his preferred job. Exercise 1. John works as a doctor, earning $80,000...
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This note was uploaded on 12/06/2011 for the course ECON 001 taught by Professor Stein during the Fall '07 term at UPenn.

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Recitation - ECON-001-212/213 Recitation 9 September 2011...

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