Chapter 3 - Opportunity Cost of Time

We all know, at least intuitively, that ifwe decide to do one thing,we will have to give up something else - there will be an opportunity cost.For instance, if you are doing things on your cell phone, you will not be able to do other activities during that time.

• As you are spending time on your cell phone, does the benefit of spending time on a certain app on your cell phone exceed the cost, or the cost exceeds the benefit?
• Give at least one specific example of using a specific app on your phone one specific time, and lay out the costs and the benefits of this activity.In your analysis be aware of the fact that cost is always considered to be opportunity cost in economics.
• If your cell phone could make comments about your activities on your cell phone, what do you think those comments would be?