Economics Guru's come here...

[Manick]

Imagine you decide to purchase a soccer ball for $35.00. Which of the following is an opportunity cost of your decision?

a. the time spent deciding to spend your money on a soccer ball
b. something else you wanted that could have been bought for $35.00
c. 35.00 in cash
d. the time spent making the purchase and the tax paid on the ball

Ok. This is an interesting Economics question that I had about 3 months ago. (Yes, I know, I should let it go) but I have a particular awnser that I think it is and I was wrong. I would like to get your opinions on it and then I will give you my awnser and the right awnser after a while.. I will also explain why I think my answer is right.

Thanks!

[Transtic Nerve]

Well that question is way to broad for any answer...

The oportunity cost would be the next best thing you could have done with the time and money spent... it's a matterof opinion, not right or wrong. Whoever made it a right or wrong question doesn't know what economics is about.

[Darkness]

[QUOTE][i]Originally posted by Transtic Nerve [/i]
[B]Well that question is way to broad for any answer...

The oportunity cost would be the next best thing you could have done with the time and money spent... it's a matterof opinion, not right or wrong. Whoever made it a right or wrong question doesn't know what economics is about. [/B][/QUOTE]

Like he said. By any terms, the opportunity cost is always the next best thing. That's how its defined, that how it always must be. Anyone who has taken econ(macro micro general) knows this.

[D. Dark]

[QUOTE][i]Originally posted by Manick [/i]
[B]Imagine you decide to purchase a soccer ball for $35.00. Which of the following is an opportunity cost of your decision?



Ok. This is an interesting Economics question that I had about 3 months ago. (Yes, I know, I should let it go) but I have a particular awnser that I think it is and I was wrong. I would like to get your opinions on it and then I will give you my awnser and the right awnser after a while.. I will also explain why I think my answer is right.

Thanks! [/B][/QUOTE]

And....?
Where are the following?

Anything can be an opportunity cost, as TN stated. I would NEVER BUY A $35 soccer ball, so the opportunity cost for that is that if I but the soocer ball, then the next best thing that I have gone without is...

A video game
Many CDs
Many books
Many comics
Etc.

It is far too broad...

[Manick]

The options are at the top.... in the poll!!!


T N, I think there is something hidden in the question (personally) look at it again...

[Manick]

[QUOTE]Well that question is way to broad for any answer... [/QUOTE]

and... I actually think the correct awnser is one of the four
choices.

*oh.. D. Dark.. think closely about what you said... I think there is something hidden in the question (personally) that you aren't seeing.. try it again.

[Transtic Nerve]

[QUOTE][i]Originally posted by Manick [/i]
[B]

and... I actually think the correct awnser is one of the four
choices.

*oh.. D. Dark.. think closely about what you said... I think there is something hidden in the question (personally) that you aren't seeing.. try it again. [/B][/QUOTE]

All 4 of the answers are correct... like I said, economics is a matter of opinion, not factual statements.

[D. Dark]

[QUOTE][i]Originally posted by Transtic Nerve [/i]
[B]

All 4 of the answers are correct... like I said, economics is a matter of opinion, not factual statements. [/B][/QUOTE]

Thank you! I don't like being told I'm wrong, but it doesn't matter.
Manick, how long you been studying economics?

[Manick]

[quote]Thank you! I don't like being told I'm wrong, but it doesn't matter.
Manick, how long you been studying economics?[/quote]

jesus sorry guys forget i posted this thread. it was a bad decision on my part.


I don't study economics. I had this question because I argued this question to my teacher for 3 days exactly the way you guys are arguing with me now. I came up with every possible solution, asked many educated people, and still could not get this dude to move on his earlier decision.

The correct awnser is b.

However, I beleive that the correct answer is a, because you haven't "purchased" the ball yet. All that you have done was "decided" to buy it. The only thing that has been a cost here is the time spent "deciding" Nothing else is an opportunity cost until the cost is certain, which loosing the money is not. I could "decide" to buy it, goto the store, find out that the store is closed, and then just as easily "decide" not to buy it. Those are my thoughts.

Just forget about this thread please!!!!!!!!!! I didn't know it would strike up so much emotion and that is not what I intended for this post to cause.

[Sui Generis]

Well I picked A...I know you told me to forget about it BUT...Time is money...the time you spent deciding whether the soccerball would be a good idea could have been spent Mowing lawns...etc...MAking more money...

[Fall]

Well I chose A too..... I dunno, I just think time is money..... :)

[Kuja]

[SIZE=3][FONT=century gothic][COLOR=crimson]i have to admit AP econ was 2 years ago... buttttttt the answer is B. thou i see how someone could argue C. but only if B hadnt been there... anyway i didnt like that class but those questions were always ez for me... they are obvious[/COLOR][/FONT][/SIZE]

blah just read threw the tread
oportunity cost has always been in terms of something you can buy and sell you cant buy and sell time (without a service being provided) and in this case there is none... so A is wrong as is all of the above i dont know how you could come up with that answer the answer is always measered by 'what else you could have spent the money on' not on time... well at least in micro economics i dont know much about macro

[asar]

Buddy i'm doing economics atm for year 12, and according to the textbook here opportunity cost is "the cost of the choice that is foregone, ie, the option NOT taken."
As for how that helps you out, i'm not too sure. I think that because you can't measure time ie time has no monetary value or measurement, then the answer would be b. But it still sn't defined too well at all, and i think that the teacher is an arsE for not listening to your argument, which you obviously took a lot of time on, and reconsidering. Not everythings black and white, especially in eco. It's how well you argue your case that counts.
There's my two cents, anyway...

[Transtic Nerve]

[QUOTE][i]Originally posted by kuja [/i]
[B]

blah just read threw the tread
oportunity cost has always been in terms of something you can buy and sell you cant buy and sell time (without a service being provided) and in this case there is none... so A is wrong as is all of the above i dont know how you could come up with that answer the answer is always measered by 'what else you could have spent the money on' not on time... well at least in micro economics i dont know much about macro [/B][/QUOTE]

Oportunity Cost is something that means something to the individual, it's not something to seel or buy. If Ronda decided to go to work this morning instead of sleeping in, her opportunity cost would be sleeping in. You can't buy sleep (technically speaking), it is time you woul dhave been sleeping, instead of working. Had she chose to sleep, her opportunity cost would be not working, and not gaining money. The opportunity cost is whatever the next best thing is to a person. Whether it be time, money, products, squirells, whatever.... and it's all matter of opinion, because what you think is the next best thing is not always what I will think it is. Here's another economic ideal; whats good for one is not always good for a whole group. The Answer to your question is ALL OF THE ABOVE because the question doesn't state what the person buying the soccer balls's next best thing would be, so in turn you must assume. You can assume a correct answer, however you don't know that. That may be the next best thing to you, bt not to me, and thus, thats not economic.

[D. Dark]

[QUOTE][i]Originally posted by Manick [/i]
[B]

jesus sorry guys forget i posted this thread. it was a bad decision on my part.


I don't study economics. I had this question because I argued this question to my teacher for 3 days exactly the way you guys are arguing with me now. I came up with every possible solution, asked many educated people, and still could not get this dude to move on his earlier decision.

The correct awnser is b.

However, I beleive that the correct answer is a, because you haven't "purchased" the ball yet. All that you have done was "decided" to buy it. The only thing that has been a cost here is the time spent "deciding" Nothing else is an opportunity cost until the cost is certain, which loosing the money is not. I could "decide" to buy it, goto the store, find out that the store is closed, and then just as easily "decide" not to buy it. Those are my thoughts.

Just forget about this thread please!!!!!!!!!! I didn't know it would strike up so much emotion and that is not what I intended for this post to cause. [/B][/QUOTE]

You think that I was ticked off!:laugh: :laugh:

No, no, I meant it as a serious question! Don't take it the wrong way, and don't regret that you put the thread up either. It's the first time I've seen an economics thread, and it's alright.

Yay, at least I got the answer right. I've only been studying economics since September last year.

[Manick]

Thanks TN, thats exactly what I wanted to hear. All of the tests and quizes have questions that are exactly like this. I've fought about 2-3 questions on each one, and have gotten nowhere. Now, I have to figure out how to break my Econ teacher. How exactly would I go about doing it in general?

The quizzes are made by Glencoe Division of Macmillian/McGraw-Hill. Has anyone ever taken a course with this material? How did you do?


PS I know I said I would forget this thread, but it turned out a little better than I expected.

[Manick]

[QUOTE]You think that I was ticked off! [/QUOTE]

Sorry D.Dark. Its hard to tell peoples emotions on these things and the feelings they are trying to convey. I thought you were being sarcastic.

BTW, I've only studied economics for like 1 month! ;)

[D. Dark]

[QUOTE][i]Originally posted by Manick [/i]
[B]

Sorry D.Dark. Its hard to tell peoples emotions on these things and the feelings they are trying to convey. I thought you were being sarcastic.

BTW, I've only studied economics for like 1 month! ;) [/B][/QUOTE]

Don't worry about it! I forogt that it was difficult, but it doesn't matter anyway.

Hey, and join the club man! 1 month economists!

[Transtic Nerve]

[QUOTE][i]Originally posted by Manick [/i]
[B]Thanks TN, thats exactly what I wanted to hear. All of the tests and quizes have questions that are exactly like this. I've fought about 2-3 questions on each one, and have gotten nowhere. Now, I have to figure out how to break my Econ teacher. How exactly would I go about doing it in general?

The quizzes are made by Glencoe Division of Macmillian/McGraw-Hill. Has anyone ever taken a course with this material? How did you do?


PS I know I said I would forget this thread, but it turned out a little better than I expected. [/B][/QUOTE]

First, tell you teacher to LEARN economics and not use the book. A real teacher would know what they were talking about and not use a test that the book made for them. Then again, I can't expect so much from an American Public School teacher.

Anyway, I think we used those books... or not... hell if I remember High School Economics... I slept cause my teacher was so damn boring.

Tell your teacher if he/she has a problem, then they can come talk to me, and my teacher, and anyone I know, cause whoever your teacher is, obviously doesn't understand the ideal of economics.

[Manick]

[QUOTE]Tell your teacher if he/she has a problem, then they can come talk to me, and my teacher, and anyone I know, cause whoever your teacher is, obviously doesn't understand the ideal of economics.[/QUOTE]

I like the way you operate ;)