Question

Suppose you always study 5 evenings for an exam comma but this week you decide to study for one more evening. The​ _____ of one more evening of studying is​ _____.

a. total cost​; 6 evenings spent studying
b. marginal​ cost; an evening not spent with your friend's missing your favorite TV program comma and missing a game of pick dash up basketball
c. marginal​ cost; an evening not spent with your friends, if that is your best alternative use of the time
d. total cost; an evening not spent with your friend's, and missing your favorite TV program

Answer 1

b. marginal​ cost; an evening not spent with your friend's missing your favorite TV program comma and missing a game of pick dash up basketball

Step-by-step explanation:

In economics, marginal cost is the cost of producing one extra unit of output. Marginal cost is closely related to the concept of opportunity cost. Opportunity cost is the cost of forgone alternative and marginal cost is incurred when a decision is made to produce one additional unit of output instead of the other.

On this background, spending one more evening has its opportunity cost. And the opportunity cost entails all alternative that the extra one more evening could have been spent on. The extra evening could have been spent with friends, or using it to watch favorite TV program or playing pick dash up basketball. So the marginal cost of using this one more evening is all the forgone alternatives listed above.

So option b is correct.

All others option are not totally right.