ECO204: Principles of Microeconomics (BAK2345B)
Prior to beginning work on this discussion forum, review Chapter 1, Economics, Economic Methods, and Economic Policy in your textbook, Principles of Microeconomics and the materials on the “Weekly Lecture” page. With salary and endorsements, LeBron James makes over $100 million a year. Suppose that LeBron is contemplating whether he should mow his own lawn and he is asking you to provide him with sound economic advice about whether he should spend 3 hours of his time mowing his lawn. Based on this scenario, discuss the following in a minimum of 300 words:
• Define opportunity cost in your own words.
• Calculate the opportunity cost if he decides to spend 3 hours of his time mowing his own lawn.
• Discuss if he should mow his own lawn or hire someone to do it based on his opportunity cost and total economic cost of mowing the lawn. Give reasons. [Hint: total economic cost = opportunity cost + direct cost]
• Discuss if your answer will be the same if the person in question was you instead of LeBron James. Give reasons for your answer.
Guided Response: Review several of your colleagues’ posts and reply to at least two of your peers by 11:59 p.m. on Day 7 of the week. Provide substantive responses that use theory, research, experience, or examples to support ideas and advance class knowledge on the discussion topic. In your response to two classmates, address the following with a minimum of 100 words:
• Compare your answers to those of your peers.
• Provide an example of an opportunity cost you’ve