Economics Assignment Question?

Posted on 2015-01-22 06:22:00 in Economics by NICK

A. You usually work 5 hours at the Library on Saturdays, earning $10/hr. Friends have invited you to join them on a whole-day panic this Saturday, and if you do, yo'd have to pitch in $30 for food and Gas and other expenses. How much would be your total opportunity cost of going to the picnic?

B. Suppose that you like to get maximum net benefit from consuming ice-cream. You estimate that the first scoop of ice cream will give you $1.30 worth of satisfaction, and a second (additional) scoop will give you $0.90 worth of additional satisfaction. If the price of the ice cream is $1.00 per scoop, would you buy a first scoop? ______, Because ____________

Would you buy a second scoop? _____, because _____

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