Asked by Dalia

Use the concept of opportunity cost to explain the following.
a. more people choose to get graduate degrees when the job market is poor.
b. more people choose to do their own home repairs when the economy is slow and hourly wages are down.
c. there are more parks in suburban than in urban areas.
d. convenience store, which have higher prices than supermarkets, cater in classes that meet before 10:00 am.
e. fewer students enroll in classes that meet before 10:00 am.
Answered by Ms. Sue
How would you like us to help you with this assignment?

Answered by Dalia
if you can explain how opportunity cost is used in each situation please.
Answered by Ms. Sue
I'll do that if you explain what opportunity cost means.

Answered by Dalia
opportunity cost is doing something for/ instead of something else. it's what you must give up on something to get something else instead.
Answered by Ms. Sue
OK.
a. People who pursue graduate degrees give up earning any money in favor of making more money later.

b. When people are unemployed or underemployed, they give up leisure time in order to save money on these repairs.

c. The suburbs give up making money on taxes on businesses in favor of providing parks for their people.

d. I don't understand. Do you have a typo here?

e. These students give up an early start to their day in favor of sleeping in.

Answered by Dalia
sorry. d) convenience stores, which have higher prices than supermarkets, cater to busy people.
and thank you
Answered by Ms. Sue
I'm sure you can figure this one out. Why do people shop at convenience stores?



Answered by Dalia
because they have more varities/ subtitutes.
Answered by Ms. Sue
No.


Answered by Dalia
because of the quality?
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