Who doesnt love kicking back after work with a snack and a good show? Everyone loves some
Question:
Who doesn’t love kicking back after work with a snack and a good show? Everyone loves some free time . . . but, of course, time isn’t free! In the past 10 years, ridesharing services like Uber have become wildly popular. People who need to get from A to B value the ability to connect with a driver rapidly, rather than waiting for a scarce taxicab. And ordinary people (with a nice enough car) can earn a few extra bucks giving rides, working as little or as much as they please. Today, an estimated 2 million people drive for Uber, often evenings and weekends after they’re finished the day at a full-time job. Explain how the growth of Uber reflects the way in which ridesharing has altered the opportunity cost of leisure.
Opportunity CostOpportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
Step by Step Answer:
Microeconomics
ISBN: 9781319105563
3rd Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson