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(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.


Would the answer be A?

 


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