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You were planning to spend Saturday working at your
You were planning to spend Saturday working at your part-time job, but a friend asks you to go skiing.
What is the true cost of going skiing? Now suppose that you had been planning to spend the day studying at the library.
What is the cost of going skiing in this case? Explain.
You are trying to decide whether to take a vacation
You are trying to decide whether to take a vacation.
Most of the costs of the vacation (airfare, hotel, forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?
Describe some of the tradeoffs faced by the following
Describe some of the tradeoffs faced by the following:
a. a family deciding whether to buy a new car
b. a member of Congress deciding how much to
spend on national parks
c. a company president deciding whether to open a
new factory
d. a professor deciding how much to prepare for class