Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Explain your value added comment to the discussion below on opportunity cost I chose to do my discussion on option #5 the opportunity costs

1. Explain your value added comment to the discussion below on opportunity cost

I chose to do my discussion on option #5 the opportunity costs of visiting my doctors office. I am in the military and when I first joined I noticed that I was always 30 minutes early to a doctors appointment on base. I would be waiting in the waiting room for another 15-30 minutes which in total would be 45 - 60 minutes. This would have cost me $50 but as I have been in longer I no longer show up 30 minutes early I show up 10 minutes early and still wait around the same time but I think I would have saved more time and money. I feel like I can apply this in my job because I have noticed that with what I do a lot of my job is essentially waiting for things to happen. After this assignment maybe my coworkers and leadership and I can possibly come to a solution to be more proactive so instead of waiting for problems we can get ahead of them.

2. Explain your value added comment to the discussion below

I chose the first option, computing the actual money wasted was something I was confused on so I decided to use my own job as an alternative activity I could be doing instead of waiting in a line. I get paid 17 an hour so if I waited in a line for an hour I could be making 17 extra dollars instead. The only downfall would be me missing out on getting whatever I was waiting in line for.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introductory Econometrics A Modern Approach

Authors: Jeffrey Wooldridge

7th Edition

1337558869, 978-1337558860

More Books

Students also viewed these Economics questions

Question

1. Arouse curiosity with questions such as What would happen if?

Answered: 1 week ago

Question

10. What is meant by a feed rate?

Answered: 1 week ago