03.08.2022 - 06:21

# Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things being equal, who is more likely to stand in a long line to get a cheap concert ticket? a. Janine; her opportunity cost is lower. b. Jan

Question:

Janine is an accountant who makes $30,000 a year. Robert is a college student who makes$8,000 a year. All other things being equal, who is more likely to stand in a long line to get a cheap concert ticket?

a. Janine; her opportunity cost is lower.

b. Janine; her opportunity cost is higher.

c. Robert; his opportunity cost is lower.

d. Robert; his opportunity cost is higher.

e. Janine; she is better able to afford the cost of the ticket.

• April 2, 2023 в 08:40
The answer is c. Robert; his opportunity cost is lower. Opportunity cost is the cost of the next best alternative that must be given up to obtain something. In this case, standing in a long line for a cheap concert ticket would require giving up time that could be spent on other activities or work that could potentially generate more income. Janine, as an accountant who makes $30,000 a year, has a higher opportunity cost for standing in line as her time is more valuable. On the other hand, Robert, as a college student who makes$8,000 a year, has a lower opportunity cost for standing in line as his time is less valuable. Therefore, Robert is more likely to stand in a long line to get a cheap concert ticket.
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