Imagine you are planning your week and have 4 options to choose from: A road
trip (RT for short)), a blues concert (BC), a rock concert (RC), and a movie Avant
premier event (AP). The road trip costs $100 and you'll be gone from Monday
to Friday; the blues concert costs $60 and is on Tuesday; the rock concert is on
Thursday and also costs $60, while the movie Avant premier event is on Thursday
and costs $40.
What is the set of alternatives you can choose from if your budget is $120?
If your budget is $120, what is the opportunity cost of going on the road
trip? How does this depend on how much you enjoy rock music?
Assume that the world ends after Friday and, to convince you to
go with him on the road trip, your friend pays the $100 for you. Does this
persuasion method make economic sense?
Evaluate, as an economist, the statement: I really wish I could go with you
on the road trip, but it is too expensive. In doing so, assume you like rock
more than the movies.
Imagine you are planning your week and have 4 options to choose from: A road
trip (RT for short)), a blues concert (BC), a rock concert (RC), and a movie Avant
premier event (AP). The road trip costs $100 and you'll be gone from Monday
to Friday; the blues concert costs $60 and is on Tuesday; the rock concert is on
Thursday and also costs $60, while the movie Avant premier event is on Thursday
and costs $40.
What is the set of alternatives you can choose from if your budget is $120?
If your budget is $120, what is the opportunity cost of going on the road
trip? How does this depend on how much you enjoy rock music?
Assume that the world ends after Friday and, to convince you to
go with him on the road trip, your friend pays the $100 for you. Does this
persuasion method make economic sense?
Evaluate, as an economist, the statement: I really wish I could go with you
on the road trip, but it is too expensive. In doing so, assume you like rock
more than the movies.
