Warning: foreach() argument must be of type array|object, bool given in /var/www/html/web/app/themes/studypress-core-theme/template-parts/header/mobile-offcanvas.php on line 20

Chapter 2: Q 2 (page 42)

Why do you suppose that economists have estimated the dollar value of the combined opportunity costs of time that U.S. commuters spend in gridlocked traffic to be in excess of $$ 150$ billion per year? Explain your reasoning.

Short Answer

Expert verified

Because the starting price of conversion is $$ 150$ billion and the time spent commuting is $7$ billion hours.

Step by step solution

01

Step 1. Opportunity Cost

Opportunity cost is the next best alternative to satisfy the wants among choices.

02

Step 2. Reason

Economists have estimated the dollar value of the combined opportunity costs from when the United States commuters spend in gridlocked traffic to be in excess of $$ 150$ billion per year because the conversion of the cars by Becker Automotive Inc. starts at $$ 150, 000$ .

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

Explain why the scarcity problem causes people to consider opportunity costs and trade-offs among choices.

The following table illustrates the points a student can earn on examinations in economics and biology if the student uses all available hours for study. Plot this student’s production possibilities curve. Does the PPC illustrate the law of increasing additional costs?

Economics	Biology
100	40
90	60
80	75
70	85
60	93
50	98
40	100

Using only the concept of comparative advantage, evaluate this statement: “A professor with a Ph.D. in physics should never mow his or her own lawn, because this would fail to take into account the professor's comparative advantage."

How must the dollar values of the opportunity costs of time compare for a typical purchaser of a vehicle converted by Becker Automotive, Inc., versus commuters who do not purchase them? Explain briefly.

Based on the information provided in Problems 2-6, what is the opportunity cost to this student of allocating enough additional study time on economics to move her grade up from a 90 to a 100?

See all solutions

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.

Sign-up for free

Why do you suppose that economists have estimated the dollar value of the combined opportunity costs of time that U.S. commuters spend in gridlocked traffic to be in excess of $$ 150$ billion per year? Explain your reasoning.

Short Answer

Step by step solution

Step 1. Opportunity Cost

Step 2. Reason

One App. One Place for Learning.

Most popular questions from this chapter

Study anywhere. Anytime. Across all devices.

Company

Product

Help

Why do you suppose that economists have estimated the dollar value of the combined opportunity costs of time that U.S. commuters spend in gridlocked traffic to be in excess of $150billion per year? Explain your reasoning.

Short Answer

Step by step solution

Step 1. Opportunity Cost

Step 2. Reason

One App. One Place for Learning.

Most popular questions from this chapter

Study anywhere. Anytime. Across all devices.

Why do you suppose that economists have estimated the dollar value of the combined opportunity costs of time that U.S. commuters spend in gridlocked traffic to be in excess of $$ 150$ billion per year? Explain your reasoning.