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Can YOU Solve It? This Question Stumped 75% Of PhD Economists

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Description

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.

Paper
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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