2. Give the equation of opportunity cost (blank divided by blank). (10 points) 3. Suppose Elias currently has the following values for certain activities, where a higher value means he prefers that activity to an activity with a lower value. Sleeping: 120 Studying: 105 Watching TV: 103 Jogging: 90 Cleaning: 84 **** Renewing his driver's license: 50 What will Elias choose to do? (5 points) What is his opportunity cost (in terms of activity and value)? (10 Points)

2. Give the equation of opportunity cost (blank divided by blank). ( 10 points) 3. Suppose Elias currently has the following values for certain activities, where a higher value means he prefers that activity to an activity with a lower value. Sleeping: 120 Studying: 105 Watching TV: 103 Jogging 90 Cleaning 84 Renewing his driver's license: 50 What will Elias choose to do? (5 points) What is his opportunity cost (in terms of activity and value)? (10 Points)