Question

For each of the​ following, describe some of the potential opportunity costs ​:1. Going home for Thanksgiving vacation. A. Time spent studying B. Time spent at home C. Cost of the trip home D. All of the above E. None of the above 2. Riding your bicycle 20 miles every day. ​(Check all that apply.​) A. Cost of maintaining the bicycle B. Time spent exercising C. Time spent restingD. Time spent on other leisure activities

Answer 1

Answer:

1. A. Time spent studying & C. Cost of the trip home

2. A. Cost of maintaining the bicycle & D. Time spent on other leisure activities

Explanation:

For each of the​ following, describe some of the potential opportunity costs

1. Going home for Thanksgiving vacation will have all three opportunity costs because:

A. Time spent studying: The time spent on the thanksgiving vacation could have been spent in school studying

C. Cost of the trip home: Another applicable opportunity costs is the money spent on the trip which could have been saved if the trip is suspended.

2. Riding your bicycle 20 miles every day. ​

A. Cost of maintaining the bicycle: Riding your bicycle for 20 miles will warrant high maintenance costs because it covers a significant distance daily. If you do not ride the bicycle, you will not incur such costs

D. Time spent on other leisure activities: The time spent on riding the bicycle to cover 20 kilometers could have been spent on other leisure activities which have to be forgone in order to have time for cycling.