1) You are planning a vacation trip to Hawaii. The travel website offers three options: You...

 

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1) You are planning a vacation trip to Hawaii. The travel website offers three options: You can buy one of three vacation package options: (a) $3000 for 6 days, or (b) $3300 for 7 days, or (c) $3400 for 8 days. You don't have enough time for the eighth day. A) Your marginal cost of option (a) vs option (b) is $300 whereas your marginal benefit is an extra day to enjoy Hawaii B) Your marginal cost of option (a) vs option (b) is $3000 whereas your marginal benefit is an extra day to enjoy Hawaii C) Your marginal cost of option (a) vs option (b) is $300 whereas your marginal benefit is $100. D) A and B 2) Lisa is a mother of two small children. She needs to decide whether to work overtime to earn extra money and spend less time with her two small children. A) Lisa's marginal cost is her absence from her small children and her marginal benefit is working only eight hours (not overtime). B) Lisa's marginal cost is her absence from her small children and her marginal benefit is the extra money she would earn by working overtime. C) A and B. D) Neither A nor B. 1) You are planning a vacation trip to Hawaii. The travel website offers three options: You can buy one of three vacation package options: (a) $3000 for 6 days, or (b) $3300 for 7 days, or (c) $3400 for 8 days. You don't have enough time for the eighth day. A) Your marginal cost of option (a) vs option (b) is $300 whereas your marginal benefit is an extra day to enjoy Hawaii B) Your marginal cost of option (a) vs option (b) is $3000 whereas your marginal benefit is an extra day to enjoy Hawaii C) Your marginal cost of option (a) vs option (b) is $300 whereas your marginal benefit is $100. D) A and B 2) Lisa is a mother of two small children. She needs to decide whether to work overtime to earn extra money and spend less time with her two small children. A) Lisa's marginal cost is her absence from her small children and her marginal benefit is working only eight hours (not overtime). B) Lisa's marginal cost is her absence from her small children and her marginal benefit is the extra money she would earn by working overtime. C) A and B. D) Neither A nor B.

Answer rating: 100% (QA)

Answer 1 The correct answer is A Your marginal cost of option a vs ... View the full answer