## (solution) Suppose that Jeff has three mutually-exclusive ways of spending

Suppose that Jeff has three mutually-exclusive ways of spending his afternoon:

(1)go to a concert, which he values at \$40 and costs him \$15,

(2)take a walk in the park, which he values at \$12 and costs him nothing,

(3)go out for ice cream, which he values at \$20 and costs him \$5.

Which of the following would change Jeff?s current opportunity cost of going to the concert?

a.The value Jeff receives from going to the concert increases from \$40 to \$50.

b.It starts to rain, which decreases the value of a walk in the park to \$10.

c.It is not raining, but in order for Jeff to take a walk in the park, he now has to pay a fee of \$2 (it is no longer free).

d.The value Jeff receives from going out for ice cream increases from \$20 to \$25.

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This question was answered on: Jan 30, 2021

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