Podcast
Questions and Answers
What is the amount Enyonam's father gave her when she was leaving?
What is the amount Enyonam's father gave her when she was leaving?
If Enyonam's pocket money is increased to C300, what item will she buy according to the table?
If Enyonam's pocket money is increased to C300, what item will she buy according to the table?
What does the table list as the cost of a Calculator?
What does the table list as the cost of a Calculator?
If Enyonam decides to buy Toiletry and Economics Textbooks, what will be the opportunity cost of this decision?
If Enyonam decides to buy Toiletry and Economics Textbooks, what will be the opportunity cost of this decision?
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What is the total cost of buying a Shirt and a Pair of Sandals?
What is the total cost of buying a Shirt and a Pair of Sandals?
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Study Notes
Enyonam's Scale of Preference
- Enyonam, a student of Economics, has a scale of preference for various items with their corresponding amounts in Cedis (C)
Items and Their Prices
- Ticket to Sandwich Course: C100
- Toiletry: C50
- Economics Textbooks: C150
- Calculator: C200
- Shirt: C100
- Pair of Sandals: C50
Spending C150
- With C150, Enyonam would buy Economics Textbooks
Opportunity Costs of Buying Economics Textbooks
- Enyonam gives up the opportunity to buy a Shirt and a Pair of Sandals or Toiletry and a Ticket to Sandwich Course
Spending C300
- With C300, Enyonam would buy Economics Textbooks (C150) and a Shirt (C100) and a Pair of Sandals (C50) or a Ticket to Sandwich Course (C100) and Toiletry (C50) and a Pair of Sandals (C50)
Opportunity Costs of Buying with C300
- Enyonam gives up the opportunity to buy a Calculator (C200)
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Description
This quiz involves answering questions based on a table of scale of preference related to a student of Economics. The questions revolve around analyzing what items a student would buy with a given amount of money and identifying the opportunity costs of those purchases.
