Final answer:
Jillian pays $24, which is 3/8 of the total bus fare of $64 to New York, making answer option a) $24 correct. Opportunity cost is about the tradeoff between goods considering their price and budget constraints.
Step-by-step explanation:
The question involves calculating the portion of the bus fare that Jillian pays. Since the total bus fare from Boston to New York is $64, and Jillian pays 3/8 of the fare, we must multiply 64 by 3/8 to find out her portion:
rac{3}{8} imes 64 = rac{192}{8} = 24
Therefore, Jillian pays $24 for her bus fare, which means answer option a) $24 is correct.
When we talk about the concept of opportunity cost, this refers to what is given up to acquire something else. In the case presented in the self-check questions, if bus tickets' price increased to $1 per trip and burgers are $2, the opportunity cost of bus tickets in terms of burgers would change.
Alphonso needs to give up fewer bus tickets to afford an additional burger since the price of bus tickets has increased. Economists would consider how many units of one good must be given up to acquire a unit of another good, which is the essence of opportunity cost.