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Problem 2 Easy Difficulty

You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?


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Yi Chun Lin
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Principles of Economics

Chapter 1

Ten Principles of Economics

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Introduction

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Video Transcript

problem too. You are trying to decide whether to take a vacation? Most of the cost ofthe the vacation, Aaron, Why got your fear Hotel and for comm. Wages are measured in dollars, but a benefits off the vacation are psychological. So how can you compare the benefits to their cost? Come here. I provide one method that you can compare your invisible benefits to your cost maker in dollars of measuring dollars. I'm so one way to calculate your benefit ISS by your wage. Because if you do not go tio have a vacation. You will spend the time working, right? So, for example, if you are a software engineer, so you earn your way each by writing colts and so you write tons of lines of code s. So now the company tells you that OK, you can earn. Yeah, here you can earn, like, Okay, one dollar. You can enter one dollar perp. Probably way off, Cole. You're eight flying away. Of course you're right. And suppose that you can write like five hundred five hundred wing of codes. Pretty. So you earn five hundred dollars a day, right? So this is your efficiency when you are like one hundred percent energetic. But you want to go to a vacation because you feel very exhausted. So when you're exhausted and you are not being a very good condition to work, you can only right, maybe like two hundred. Why's it go? So where you're exhausted, you're wage decreases to two hundred. So the difference here, which is three hundred three hundred dollars ISS, like you're invisible benefits from taking a vacation. Because once you take a vacation, you become energetic again. So you can, like, go from this state to this state. Right? When you have a vacation after your vacation, you feel more energetic, so you work more efficiently when you come back, so these invisible benefit can be measured by your wage. If your wages like, based on your productivity

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