ECO101H1 Chapter Notes - Chapter 1: Opportunity Cost, Normative Economics, New Taiwan Dollar
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ECO101H1 Full Course Notes
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When a resource is limited so that all demands for it cannot be satis ed. The value (to you!) of the alternative foregone when using a resource (time, money) What did i have to give up? (the next best alternative ) Opportunity cost = the value of the alternative use. The e ect of in vitro fertilization on women"s investment in advanced degrees. Birth of the cool for sale at . Oc (boc) = val (gs) = . Oc (boc) = p(boc) + val(gs) - p(boc) Movie: + 3 hours of your life. Because you use to go to the movie, you have to give up worth of other consumption (or savings) Assume you buy 8 fewer co ees (the least painful way to reduce by ); the value of co ees to you is .
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