ECON 162 Lecture Notes - Lecture 3: Opportunity Cost

• School: Binghamton University
• Department: Economics
• Course: ECON 162
• Professor: K.Christianson

Document Summary

Opportunity cost: the benefit foregone from not choosing the next best alternative https://mycourses. binghamton. edu/bbcswebdav/pid-269397-dt-content-rid-560985. A model that shows the maximum combinations of two goods that can be produced, given a certain amount of resources and state of technology. The choices of a student are studying and partying. Assume 10 hours in a day of free time. 70 x 15 (weeks in a semester) = 1050 hours/semester. Assume you can"t drink and study at the same time. There are not enough resources to achieve it.