The Following Table Shows the Various Combinations of Rugs and Chairs

question 62

Essay

The following table shows the various combinations of rugs and chairs that the consumer can buy with $100:

-Sam pays $600 for 30 days of guitar classes.He attends an hour-long class every day.If,instead of attending class,he works at a part-time job,he would be paid $5 an hour.Alternatively,he could work at a fast-food outlet and earn $9 per hour.Once he has already paid a nonrefundable fee of $600 to enroll in the class,what is his opportunity cost of attending each hour of class?

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Definitions:

Secondary Market

A financial market where previously issued securities and financial instruments such as stocks, bonds, options, and futures are bought and sold.

National Stock Exchange

A major securities exchange where stocks and other financial securities are bought and sold.

JPMorgan Chase

A multinational banking and financial services holding company, one of the largest banking institutions in the United States.

HSBC North America Holdings

A subsidiary of HSBC Holdings plc, it is one of the largest banking and financial services organizations in North America.