1. What is your explicit cost (out-of-pocket cost) for this trip if you go kayaking, zip lining, and white water rafting? How did you get that number?
2. You plan to bring your new mountain bike. Should you factor in the $300 you paid when calculating the cost of going on this trip? Why?
3. Explain why the explicit cost is not the only cost of going on this trip.
4. How much will you earn if you don’t go on the trip and work instead? How did you get that?
5. Calculate your total economic cost for this trip if you go kayaking, zip lining, and white water rafting. How did you get that?
6. How much would you have in the bank if you stayed and worked for three days and deposited your entire paycheck into your bank account? How did you get that?
7. How much will you have in the bank if you go on the trip and go kayaking, zip lining, and white water rafting? How did you get that?
8. Avery thinks that the trip is free for her because her parents are paying for her lodging, kayaking, zip lining, and white water rafting. Tell her why the trip still isn’t free for her.
9. You’re not sure if you want to spend that much money, so you calculate other options. What is your total economic cost if you only go kayaking and zip lining but not rafting?
10. How much more does kayaking all three days cost than zip lining all three days?
11. You really want to go whitewater rafting. What is the additional cost of going rafting instead of kayaking and zip lining? How did you get that number?
12. What do you think that you should do?
0 answers