Introductory economics courses cover the concept of an opportunity cost. Can you figure out the opportunity cost for the problem in the video? This video presents a question that surprisingly more than 75% of PhD economists did not answer correctly.
Paul J Ferraro; and Laura O. Taylor. 2005. "Do Economists Recognize an Opportunity Cost When They See One? A Dismal Performance from the Dismal Science," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 4(1), pages 1-14, September.
Available online: http://www2.gsu.edu/~wwwcec/docs/ferrarotaylorbep.pdf
Authors and affiliations
Paul J Ferraro. Johns Hopkins University. http://www2.gsu.edu/~wwwcec/
Laura O. Taylor. North Carolina State University. http://www4.ncsu.edu/~lotaylor/
Blog post (text version): http://wp.me/p6aMk-4q3
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"The Joy of Game Theory" shows how you can use math to out-think your competition. (rated 4/5 stars on 21 reviews) http://amzn.to/1uQvA20
"Math Puzzles Volume 1" features classic brain teasers and riddles with complete solutions for problems in counting, geometry, probability, and game theory. Volume 1 is rated 4.6/5 stars on 9 reviews. http://amzn.to/1GhUUSH
"Math Puzzles Volume 2" is a sequel book with more great problems. http://amzn.to/1NKbyCs
"Math Puzzles Volume 3" is the third in the series. http://amzn.to/1NKbGlp
"40 Paradoxes in Logic, Probability, and Game Theory" contains thought-provoking and counter-intuitive results. (rated 4.9/5 stars on 7 reviews) http://amzn.to/1LOCI4U
"The Best Mental Math Tricks" teaches how you can look like a math genius by solving problems in your head http://amzn.to/18maAdo
"Multiply Numbers By Drawing Lines" This book is a reference guide for my video that has over 1 million views on a geometric method to multiply numbers. http://amzn.to/XRm7M4