(Solved): 1. Scarcity, opportunity cost, and marginal analysis Teresa is training for a biathlon, a winter ra ...

1. Scarcity, opportunity cost, and marginal analysis Teresa is training for a biathlon, a winter racing sport that combines cross-country sking and rifle shooting. Consider the following scenario: Teresa has only 15 hours avaliable to devote to her training this week. Each hour she spends skilng is ane hour that cannot be spent working onher shooting. Which basic orinciple of Individual choice do these statements best illustrate? Peopie face trade.offs. Teresa can use time most efficiently by spending the game amounts of time on siling and shooting: Teresa has an incentye to spend more time on shing than on thooting. Peoble usually exploit opoortunitles to make themselves botter off.