You (or your family) have won the lottery a one time payment of $50,000 Explain how you would use the concepts of opportunity cost and the economic decision rule to decide how to spend the money ...

Economics Winning a 50 000 lottery would be described as one of the many wishes any person would ever ask for However the most fundamental underlying ...

You (or your family) have won the lottery--a one-time payment of $50,000. Explain how you would use

Question:

You (or your family) have won the lottery--a one-time payment of $50,000.
Explain how you would use the concepts of and the economic decision rule to decide how to spend the money.
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...