Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Scarcity, opportunity cost, and marginal analysis Kate is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting. Consider the

Scarcity, opportunity cost, and marginal analysis

Kate is training for a biathlon, a winter racing sport that combines cross-country skiing and rifle shooting.

Consider the following scenario: Kate has only 15 hours available to devote to her training this week. Each hour she spends skiing is one hour that cannot be spent working onher shooting.

Which basic principle of individual choice do these statements best illustrate?

Kate can use time most efficiently by spending the same amounts of time on skiing and shooting.

People usually exploit opportunities to make themselves better off.

People face trade-offs.

Kate has an incentive to spend more time on skiing than on shooting.

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

Economics The Basics

Authors: Michael Mandel

2nd Edition

0073523186, 9780073523187

More Books

Students also viewed these Economics questions