John Has Three Options for Summer Work

question 2

Multiple Choice

John has three options for summer work.He can do lawn work for $100 per week, babysit for $125 per week, or work at the local pool for $175 per week.All of the options would require approximately 20 hours of work per week.In addition, if he chooses to work at the pool, he will incur $20 in gas costs per week.The opportunity cost if he chooses to babysit is:

• A)$100
• B)$175
• C)$155
• D)$105

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Definitions:

Total Budget

The overall amount of money allocated for a specific purpose or period.

Large Part

A phrase indicating a significant portion or majority of a whole.

Elastic Demand

A situation where the quantity demanded of a product changes significantly in response to a change in price.

Substitutes

Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.