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Principles of Economics, End Term
Ramesh has already paid Rs. 500 for a non-refundable movie ticket. Twenty minutes in, he finds the film dull. In deciding whether to stay, a rational person weighs:
Choose the correct answer.
Ramesh has already paid Rs. 500 for a non-refundable movie ticket. Twenty minutes in, he finds the film dull. In deciding whether to stay, a rational person weighs:\ Choose the correct answer. Meera leaves a job paying Rs. 6,00,000 per year to open a bakery. She invests Rs. 10,00,000 of savings that had been earning 6 percent interest, and pays Rs. 4,00,000 for rent and supplies. Her opportunity cost for the year is:\ Choose the correct answer. In a day Arjun can stitch 6 shirts or 3 trousers; Bharat can stitch 8 shirts or 2 trousers. Arjun's opportunity cost of one trouser is:\ Choose the correct answer.