Question

Updated Jan 10, 2019 by JAMES ZACHARY KLINGENSMITH Harry and Lloyd are taking a trip to Aspen, Colorado. They will each spend $1,000 on lodging, gasoline, and food. To take the trip, $12/h plus implicit cost) for Harry and for Lloyd. 3. Harry has to call off of his job as a dog groomer. He will miss 30 hours èf work in which he was paid our. Lloyd was recently fired as a limousine driver, so he will not miss work. Calculate the total cost (explicit 4. You want to go on vacation with your family. By going on vacation, you will have to miss five days of work where you earn $100 per day. What is the opportunity cost of going on vacation? b. a. What is the opportunity cost of staying home and working (instead of going on vacation)? 5. Determine which logical fallacy is being committed in each of the following situations. Your choices are: "good intentions do not guarantee desirable outcomes," "association is not causation," "fallacy of composition," or "slippery slope." In an attempt to engage is conservationism, Penn State institutes a $1 per page printer fee. After the school year 25% of the students transfer to another institution. You discover that the real estate market in your neighborhood is very hot. In fact, you are able to sell your house for 50% more than you bought it for. You tell each of your neighbors that they should sell their houses too in order to take advantage of the hot market. Areas that sell greater quantities of sunscreen also have higher incidence rates of skin cancer. Based off of this, we can conclude that sunscreen causes skin cancer. a. b. c.

Answer 1

4) a) opportunity cost of going on a vacation is the income that can be earned in next best alternative, that is by working for five days. Opportunity cost of going on a vacation= 5*100= 500.

b) opportunity cost of staying and working home is the benefits that could be achieved by going on the vacation. Thus opportunity cost of staying home is the benefits that could have been earned by going on a vacation.