Microeconomics: Principles, Problems, & Policies, 20th Edition

Published by McGraw-Hill Education
ISBN 10: 0077660811
ISBN 13: 978-0-07766-081-9

Chapter 7 - Utility Maximization - Discussion Questions - Page 163: 3


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Work Step by Step

Consider this problem through the lense of opportunity cost. If I own a business, I am spending time to run the business that I could be spending working a different job. Thus, time is important in consumer theory as the time it takes to make a product can be spend making money elsewhere.
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