Econ 210 - Assn 3-1 - Econ 210 - Assn 3-1 Assignment 3-1...

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Unformatted text preview: Econ 210 - Assn 3-1 Assignment 3-1 ECON 210 Econ 210 - Assn 3-1 What is cost? I used to work downtown Cleveland which was about an 45 minutes to an hour's drive from my house, and depending on traffic sometimes even longer. The time spent driving to my job was an opportunity cost, or an economic cost. The time was spent, wasted, or sacrificed in order to have the benefit of having a pay check. Some other opportunity costs, or economic costs for having a job downtown was parking and having to eat downtown, can be very pricy. I figured it out all-n- all, the benefit of having a pay check was costing me around or about $500 a month. If I found a job that was closer to my house that paid less, I would be in fact making more money, because I wouldn't have the economic cost of having to drive downtown 5 days a week and pay for parking and food in an expensive place. Another good example of opportunity cost is the time spent going to college, it takes about four, sometimes five years to obtain a bachelors degree, time you could be working, bringing home a pay check and earning time at your employer, you could use for promotions, or pay increases. Let's say for example college cost $15,000 a year for tuition for promotions, or pay increases....
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This note was uploaded on 02/11/2012 for the course ECON 210 taught by Professor Mrfranklin during the Spring '11 term at Rosalind Franklin University of Medicine & Science.

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Econ 210 - Assn 3-1 - Econ 210 - Assn 3-1 Assignment 3-1...

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