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Kevin has a lot of free time, and he decides to pick up a new hobby. He has two optionshe can take ...

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Kevin has a lot of free time, and he decides to pick up a new hobby. He has two optionshe can take ...

Kevin has a lot of free time, and he decides to pick up a new hobby. He has two options—he can take art classes or sign up for cooking classes. He estimates that the art classes would cost him $70 and would provide him with a benefit of $100. In contrast, the cooking classes would cost him $120 but provide him benefits worth $160. Use cost-benefit analysis to arrive at the optimum choice for Kevin.

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Macroeconomics

Edition: 3^rd

Authors: Acemoglu, Laibson, List

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