S Module 7: Un Chrome - MODULE 7 REVIEW AND ASSESSMENT O X X C highschool.bfwpub.com/launchpad/explorationsineconomics1e/20090783/Home#/launchpad/item/module_pdx_explorationsineconomics1e_03/explorationsineco. mymail.lausd 2. A certain amount of money that you have available to spend. 3. Cost that is already paid and that cannot be recovered. Analyze: List one opportunity cost for each of the following decisions. OPPORTUNITY COST 1. You decide to stay in school and complete a degree program. 2. You decide not to go on vacation this summer but to stay at home and work instead. 3. You decide to drop out of school and go to work. 4. You decide to join a club at your school. 5. You decide to cook your meals at home instead of going out to a restaurant. ry 6. You decide to buy some new clothes rather than a birthday gift for your mother. 7. You decide to take a nap rather than study for your economics test. Apply: Use Figure 7.1 to answer the following questions. Waiting for www.highschool.bfwpub.com.. lity cost of the first sandwich? O 8 INTL 1:41Module 8: Ra Chrome - MODULE 8 REVIEW AND ASSESSMENT 0 X X C highschool.bfwpub.com/launchpad/explorationsineconomics1e/20090783/Home#/launchpad/item/module_pdx_explorationsineconomics1e_03/explorationsineco. mymail.lausd Analyze: Each of the following decisions violates several of the lessons for rational decision making. Indicat -V'7 one of the lessons that is violated. D LESSON VIOLATED Submiss 1. Kim decides to go to a concert without M considering the high price of tickets. Sub P: 2. Maya gets $5 worth of satisfaction out of soup and $3 worth of satisfaction out of salad. Soup costs $4 and salad costs $1. Maya decides to buy soup. B. 3. Darius runs 10 miles because the total benefit of the exercise exceeds the cost, although the last mile does more harm than good. 4. Rondi decides to spend a weekday at the beach C because it gives her $40 worth of fun. The day off causes her to lose $60 worth of earnings. Apply: Use the table below to answer the following questions. 1. Calculate the net benefit for each of the following types of jackets. O 1 INTL