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Chapter 1, section 2, problem number 7, is going over a scenario where on espn they noticed that attendance at college football games were declining for schools, specifically in the central time zone, and how would playing games in the late afternoon or evening rather than the morning affect the opportunity cost of a student attending a game? well, first, let's go over the definition of opportunity cost, which is the highest fat -lute alternative that must.
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Be given up in exchange for the activity.
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So for example if i wanted to take a nap in the middle of the day instead of doing homework, doing homework would be my opportunity cost.
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Let's write that down.
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Example napping at 4 p .m.
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Instead of doing homework.
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The opportunity cost of here would be doing homework.
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Because instead of doing homework, i chose to take a nap instead.
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And doing homework is this next highest valued alternative.
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But in this specific problem, the opportunity costs that a student faces is that if a football game is in the morning, then students usually have a lot of other commitments such as student commitment.
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These could include class, projects, club meetings, homework time, and you basically get the gist of it...