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Better Introduction to Microeconomics assignments

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46.7
Describe a situation where a student must choose between studying for an exam and working a part-time job. What is the opportunity cost of each choice?
Instructor solution
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Instructor answered
If a student chooses to study, the opportunity cost is the wages they forego from the part-time job. Conversely, if the student works, the opportunity cost is the exam preparation time lost and potential grades impacted.
You answered
Opportunity cost of studying: lost wages from job. Opportunity cost of working: lower exam score.

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Class Outline

  • 14
    units
  • 14
    adaptive reviews
Introduction and Opportunity Cost
  • Introduction and Opportunity Cost
  • Scarcity and Choice
  • Gains from Trade
  • Supply and Demand
  • Elasticity
  • Efficiency and Equity
  • Applications of Supply and Demand
  • Market Structures
  • Market Failures
  • Consumer Theory
  • Behavioral Economics
  • Labor Markets
  • Economic Inequality
  • Review and Final Exam Preparation
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46.7
Discuss how technological advancements can contribute to economic inequality.
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