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Answer in Microeconomics for Tyler #109438

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April 21st, 2023
  1. It seems that the monetary value (or range of values) for Justin’s 7th hour of sleep is $0, because it doesn’t cost anything. However it’s opportunity cost is $25, because Justin could earn $25 during this hour instead of sleeping.
  2. The monetary value (or range of values) for Justin’s 8th hour of sleep is $25.
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