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Chapter 2: Q.27 (page 44)

What is Marie鈥檚 opportunity cost of purchasing a

pie?

Short Answer

Expert verified

Marie鈥檚 opportunity cost of purchasing a pie is 3

Step by step solution

01

Step 1. opportunity cost

Opportunity cost which is also called Alternative cost refers as the next best alternative that is forgone.

02

Step 2.Concept

the opportunity cost of pie is the number of magazines she can give up upon for one more pie

so Marie鈥檚 opportunity cost of purchasing a pie is three.

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Most popular questions from this chapter

Suppose Alphonso鈥檚 town raises the price of bus

tickets from \(0.50 to \)1 and the price of burgers rises from \(2 to \)4. Why is the opportunity cost of bus tickets unchanged? Suppose Alphonso鈥檚 weekly spending money increases from \(10 to \)20. How is his budget constraint affected from all three changes? Explain.

What is comparative advantage?

Explain why individuals make choices that are

directly on the budget constraint, rather than inside the

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normative statement?

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