a) When you want to buy a town house and move to the house immediately after buying it, 
what kind of costs you will be faced in the first year? Determine which one is sunk, fixed, 
and variable? What would be the opportunity cost? 
b) Andy runs a small convenient store. He owns the place; he has hired a person for $8 per
hour, 8 hours per day, 7 days a week. He works in the store himself for 3 hours per day. 
The utility cost $500per month, the cost of buying and transporting the goods to his store 
is $3000 per month. The rent rate of the place is $2000 per month. 
a.What is his total monthly expenditure? 
b.What is his monthly opportunity cost? 

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What might be one of the opportunity costs of spending​ $10 per week on the​ lottery?

A.Reducing debt by an additional $ 40 per month.

B.The lottery winnings.

C.The time spent buying the ticket

D.The expected winnings

Ryan wants to rent an apartment. The following table shows the monthly rent of five apartments and the monthly commuting time to work from each apartment.​ Ryan's opportunity cost of time is​ $15 per hour.

Refer to the table above. The total cost per month is the lowest if Ryan chooses to rent Apartment​ ___

Problem
#1 ( Budget Lines) :
Suppose that Russ has budgeted $20 a month to buy candy bars, music downloads, or
some combination of each. If Russ buys only candy bars he can obtain 40 bars a month; if
he buys only downloads, he can buy 20 a month.
1. What is the price of a candy bar?
2. What is the price of a music download?
3. What is the opportunity cost of a music download?
4. What is the opportunity cost of a candy bar?
5. Would the opportunity cost of each good change if Russ decided to increase his
monthly budget to $30 for the two items?
Problem #2 ( Production Possibilities ):
Suppose that a nation's production possibilities can be represented by the table below:
Production Alternatives

Products A B C D E
Food 0 4 8 12 16
Clothing 20 18 14 8 0
1. What is the maximum amount of food this economy can produce? How much clothing
can it produce at this point?
2. If the economy is producing at alternative C, what is the cost of one more unit of
food?
3. If the economy is producing at alternative C, what is the cost of one more unit of
clothing?
4. Is this economy subject to the law of increasing opportunity costs? How can you tell?
5. Suppose the economy is currently producing 4 units of food and 16 units of clothing.
Is this economy producing efficiently?