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Econ and Time

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Choice in economics is based on scarce resources, such as land, labor, and capital. One other scarce resource often cited is time. We recognize the choices we make to allocate our 24 hours in a day and the concept of opportunity cost (when we decide to spend an hour on one activity, its opportunity cost is the value of the next best way to have spent that hour). What are some examples of opportunity cost in your professional life during the last day or two? Assuming you have some prerogative to choose time spent, how do you make the decision to spend time during your professional day?

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Solution Summary

Choosing to spend time in a certain way is examined for economics.

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The last two days I had choose whether I was going to complete the work that I had to do or take a one hour lunch both days. I choose to complete my work at the ...

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