Opportunity Cost

Now suppose Elias can also spend 4 hours on each task. If he does so he can make 6 necklaces and 8 wristbands.

Assume Elias was going to spend all of his time on wristbands but then decides to spend 4 hours on each task. What is Elias opportunity cost of making necklaces?

Assume Elias was going to spend all of his time on necklaces but then decides to spend 4 hours on each task. What is Elias opportunity cost of making wristbands?

Is Elias opportunity cost constant moving from making 0 necklaces, to 6 necklaces, to 10 necklaces? (Hint: constant means it remains the same). Show the work to support your answer.

Now consider your pursuit of higher education. What is your opportunity cost of attending classes? How else would the time you use for school be used?

Suppose you work part-time and go to school part-time. What differences in opportunity costs might there be between finishing your degree more quickly versus more slowly?