Question

Directions: Imagine it is Friday evening. You are very excited about spending time with your friends on Saturday. You decide to call two of your friends to discuss what they want to do on Saturday. The three of you decide to go to an early movie and get the early bird discount rate), then go to lunch at your favorite restaurant You estimate the cost for the movie ticket and lunch to be around $30.00. As you are getting ready to meet your friends on Saturday morning, your uncle calls to tell you he has purchased tickets for the football game that is taking place on Saturday night. He is very excited about getting the tickets and asks you to join him. His onl request is that you drive to the game and meet him at the entrance of the stadium. You estimate the cost of gasoline and parking to be approximately $25.00. Finally, as soon as the phone call with your uncle ends, the next door neighbor frantically knocks on the door. She has been called to work immediately and is willing to pay you $100.00 to baby-sit for three hours starting right now! Think about how you would handle the problem of scarcity (in this case, your time). Using the Text Editor, answer the following questions based on the situation you have just read and your understanding of opportunity costs and trade-offs.

1. How could you ration or distribute your time in order to do the things you want to do?

2. How could you see the movie without losing the discounted price?

3. Could you meet all of your obligations? If so, how would you do it?

4. How could you make the most efficient use of your time?

5. What is the best alternative to your time dilemma?

please please please help​

Answer 1

The way he could ration his time in order to do the things which he wants to do would be to forego an alternative which would be his opportunity cost.

What is Opportunity Cost?

This refers to the foregone alternatives when making a decision.

Hence, he could see the movie without losing the discounted price if he rejected the $100 offer and went with his friends.

No, he could not meet all his obligations because he would have to forego at least one.

The most effective use of time for him would be to go to the cinema, watch the early show, go watch football with his uncle, and reject the neighbor's offer.

The best alternative for this time dilemma would be to forego an alternative.

Read more about opportunity cost here:

https://brainly.com/question/8846809

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