Carl Is Considering Attending a Concert with a Ticket Price

question 113

Multiple Choice

Carl is considering attending a concert with a ticket price of $35.He estimates that the cost of driving to the concert and parking there will total an additional $20.In order to attend the concert,Carl will have to take time off from his part-time job or forgo studying for an exam scheduled for the next morning.He estimates that he will lose 5 hours at work,at a wage of $6 per hour,or 5 hours of study time.If Carl considers studying the best alternative use of his time,his opportunity cost of attending the concert equals

• A) $55
• B) $55 plus the value of the higher exam grade he could earn by studying for 5 hours
• C) $85 plus the value of the higher exam grade he could earn by studying for 5 hours
• D) $85 minus the value of the higher exam grade he could earn by studying for 5 hours
• E) $55 minus the value of the higher exam grade he could earn by studying for 5 hours

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Definitions:

Tip-Of-The-Tongue Aphasia

A temporary inability to retrieve a word from memory, combined with a strong feeling that the word is just out of reach.

Nonsense Syllables

Meaningless sets of two or three letters that are used in memory and learning experiments.

Hermann Ebbinghaus

A German psychologist famous for his research on memory and learning, best known for discovering the forgetting curve.

Words

Distinct elements of a language or communication system, consisting of one or more sounds or their written representation, that function as a principal carrier of meaning.