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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 5
During a holiday party at work, you pay $2 to buy a raffle ticket for a 160-gigabyte iPod. You win the drawing. Based on a little research online, you discover that the going rate for a hardly used 160-gigabyte iPod is $200.
a. What was the opportunity cost of acquiring the iPod?
b. What is the opportunity cost of choosing to keep the iPod?
a. What was the opportunity cost of acquiring the iPod?
b. What is the opportunity cost of choosing to keep the iPod?
Explanation
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Opportunity cost:
Opportunity cost refe...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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