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Chapter 2: Q.27 (page 44)

What is Marie’s opportunity cost of purchasing a

pie?

Short Answer

Expert verified

Marie’s opportunity cost of purchasing a pie is 3

Step by step solution

01

Step 1. opportunity cost

Opportunity cost which is also called Alternative cost refers as the next best alternative that is forgone.

02

Step 2.Concept

the opportunity cost of pie is the number of magazines she can give up upon for one more pie

so Marie’s opportunity cost of purchasing a pie is three.

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Most popular questions from this chapter

What is the difference between a positive and a

normative statement?

What are four responses to the claim that people

should not behave in the way described in this chapter?

Explain why scarcity leads to tradeoffs.

Draw Marie’s budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint?

What does a production possibilities frontier

illustrate?
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