Learn Before
Workshop Attendance Decision
A student is deciding whether to attend a 5-hour professional development workshop that is offered for free. The student values the skills they would gain from the workshop at $80. If the student does not attend the workshop, they would work their part-time job, where they earn $20 per hour. Based on the principle that an action should only be taken if its benefit exceeds its full cost, should the student attend the workshop? Explain your reasoning by showing the total benefit and the full cost of the decision.
0
1
Tags
CORE Econ
Economics
Social Science
Empirical Science
Science
Economy
Introduction to Microeconomics Course
The Economy 2.0 Microeconomics @ CORE Econ
Ch.2 Technology and incentives - The Economy 2.0 Microeconomics @ CORE Econ
Application in Bloom's Taxonomy
Cognitive Psychology
Psychology
Related
Applying the Benefit vs. Economic Cost Rule to a Concert Decision
Freelance Project Decision
Alex is considering taking a weekend job that pays $150. To take the job, Alex must buy a uniform for $20. If Alex doesn't take the job, the next best use of their time is tutoring, which they value at $100. Based on a comparison of the total benefit and the full cost of the decision, what should Alex do and why?
Workshop Attendance Decision
A student argues that accepting a free ticket to a 4-hour concert is always a rational choice, as long as they derive at least some small enjoyment from it. They reason that since the ticket costs nothing, the benefit (enjoyment) will always outweigh the cost ($0). Is this reasoning sound according to the principle of comparing total benefits to full economic costs?
Coffee Shop Upgrade Evaluation
Evaluating a Business Software Decision
A marketing manager is deciding whether to attend a one-day conference. The conference ticket costs $200. Attending means they will miss a day of work where they would have earned $300. The manager values the knowledge and networking from the conference at $600. Match each component of the decision-making process to its correct value based on this scenario.
A student is deciding whether to spend their Saturday afternoon working a 4-hour shift at a cafe for $60 or going to a movie with friends. The movie ticket costs $15. The student values the enjoyment of seeing the movie with friends at $80. To make a rational decision, the student should only go to the movie if the enjoyment is greater than the full sacrifice involved. In this case, the full sacrifice, or total economic cost, of going to the movie is $____. (Enter a number only)
A student is using a structured process to decide whether to spend money on a ticket for a social event. Arrange the following steps into the logical order they should be performed to determine if attending the event is a worthwhile choice.
A student is deciding whether to go on a weekend trip. They value the enjoyment of the trip at $300. The trip will cost them $120 in gas and food. To go on the trip, they must miss two work shifts, where they would have earned $80 per shift. Last month, they paid a non-refundable $50 deposit for the trip. Based on a comparison of the benefits and the full costs of the decision, should the student go on the trip, and why?