Short Answer (1-2 paragraphs) 1. One of the scarce resources that constrain our

Question

Short Answer (1-2 paragraphs) 1. One of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day. How do you go about allocating your time in a given day among competition alternative? How do you go about weighing the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use the notion of opportunity cost in your answer. 2. Think about how demand and supply may change over time given certain events Consider your own purchasing habits and how they have changed over time. What are the non-price items that effect shifts in demand or supply? What are the effects in the short-run and the long-run?

Explanation / Answer

1. I will try to allocate my time in best possible way. One of the approach is to weigh the benefits and cost associated with by doing a project ( I will do project only by investing time into it) . If benefits ecxeed cost I will surely the job.

Other method it to look at opportunity cost . Opportunity cost is cost incurred if we do something in place of it's best alternative. If opportunity cost of time is higher in one project than other .Then do the project which has higher opportunity cost of time.

One of the best way to allocate time is to diversify your time into different activities depending upon opportunity cost associated.

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