If the student had 1000, what will it spend on as textbook? 2. What could be the opportunity cost in Shirt…

Question

If the student had 1000, what will it spend on as textbook? 2. What could be the opportunity cost in Shirt and Mattress? 3. If he had 500 instead of 1000, what could he purchase on as textbook and Shirt? 4. What will be the opportunity cost in Mattress, Shoe and trouser?

ScanSolve AI Tutor · Accepted Answer

these questions involve basic economic concepts like opportunity cost, using the provided price list.

Here's the price list for reference:

Textbook: ₦1000
Shirt: ₦500
Mattress: ₦500
Shoe: ₦400
Trouser: ₦600
Notebook: ₦1500
School fees: ₦1300
Suitcase: ₦1200

1) If the student had ₦1000, what will it spend on as textbook?

Identify the student's budget and the cost of the textbook.
The student has ₦1000.
The cost of a Textbook is ₦1000.
Determine what can be purchased.
Since the budget matches the price of the textbook, the student can purchase the textbook.

The student will spend the ₦1000 on a Textbook.
$\boxed{\text{Textbook}}$
2) What could be the opportunity cost of buying a Shirt and Mattress?
Calculate the total cost of buying a Shirt and a Mattress.
Cost of Shirt = ₦500
Cost of Mattress = ₦500
Total cost = ₦500 + ₦500 = ₦1000.
Identify the next best alternative that could be purchased with the same amount of money (₦1000).
Looking at the price list, a Textbook costs exactly ₦1000. This is a direct alternative. Another alternative could be a Trouser (₦600) and a Shoe (₦400), totaling ₦1000.

The opportunity cost of buying a Shirt and a Mattress could be a Textbook.
$\boxed{\text{Textbook}}$
3) If he had ₦1500 instead of ₦1000, what could he purchase on a textbook and shirt?
Identify the student's budget.
The student has ₦1500.
Calculate the combined cost of a Textbook and a Shirt.
Cost of Textbook = ₦1000
Cost of Shirt = ₦500
Combined cost = ₦1000 + ₦500 = ₦1500.
Determine what can be purchased.
Since the combined cost of a Textbook and a Shirt is exactly ₦1500, the student can purchase both items with the given budget.

If he had ₦1500, he could purchase a Textbook and a Shirt.
$\boxed{\text{Textbook and Shirt}}$
4) What will be the opportunity cost of buying a Mattress, Shoe, and Trouser?
Calculate the total cost of buying a Mattress, a Shoe, and a Trouser.
Cost of Mattress = ₦500
Cost of Shoe = ₦400
Cost of Trouser = ₦600
Total cost = ₦500 + ₦400 + ₦600 = ₦1500.
Identify the next best alternative that could be purchased with the same amount of money (₦1500).
Looking at the price list, a Notebook costs exactly ₦1500. Another alternative could be a Textbook (₦1000) and a Shirt (₦500), totaling ₦1500.

The opportunity cost of buying a Mattress, Shoe, and Trouser could be a Notebook.
$\boxed{\text{Notebook}}$

If the student had 1000, what will it spend on as textbook? 2. What could be the opportunity cost in Shirt and Mattress? 3. If he had 500 instead of 1000, what could he purchase on as textbook and Shirt? 4. What will be the opportunity cost in Mattress, Shoe and trouser?

Step-by-step solution

Identify the student's budget and the cost of the textbook.

Determine what can be purchased.

Calculate the total cost of buying a Shirt and a Mattress.

Identify the next best alternative that could be purchased with the same amount of money (₦1000).

Identify the student's budget.

Calculate the combined cost of a Textbook and a Shirt.

Determine what can be purchased.

Calculate the total cost of buying a Mattress, a Shoe, and a Trouser.

Identify the next best alternative that could be purchased with the same amount of money (₦1500).

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