Opportunity Cost

 

Opportunity cost of your resource is defined as “the value associated with the next best use of that resource (which you must give up).” Decisions you make should reflect your opportunity cost, and not just your out-of-pocket costs. For example, if you decide to spend two hours of your time watching TV, the opportunity cost of your time is the value associated with its next best use (either studying or sleeping).

 

When the I-395 Express Lanes first opened in November 2019, the toll was expected to reach up to $30 for drivers in the Northbound lanes to travel a distance of only 8 miles during the morning rush hour.

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Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might be willing to pay up to $30 to save 30 minutes of travel time during the rush hour.

Sample Solution

In a study by Chang et.al (2007) Jmjd6 was observed to have demethylase activities against two arginine residues present on histones. These residues were the histone H3 at arginine residue 2 (H3R3me2(a)) and the histone H4 at arginine 3 (H4R3me2(a)). The methylated arginine at residue 2 on histone 4 has been found to be involved in transcription activation. This suggests that jmjd6 has a role in repression of groups of genes via its demethylation activities and hints at a role for Jmjd6 in epigenetic regulation of genes.

Vaccinia virus-

Vaccinia virus belongs to the poxviridae family of viruses which also contains other viruses such as cowpox virus and the now eradicated smallpox virus. Vaccinia virus is one of the most highly researched poxvirus partly due to its use in the production of smallpox vaccines. In the past vaccination with vaccinia virus has been linked with a number of symptoms due to side effects which include clinical symptoms such as rash formation, encephalitis and in extreme cases death. (Reference) However not all clinical symptoms occur due to vaccination with vaccinia virus. Other infections have been observed via zoonotic transmission between cattle and humans who are in frequent contact with these cattle such as dairy farmers in Brazil. These infections cause lesions on the hands and arms of infected individuals. It has now been suggested to be endemic as cases have occurred over the entire South-east of Brazil. (reference) (MAYBE REDO THIS SECTION) Human cell types that vaccinia virus mainly infect and replicate include epithelial keratinocytes and fibroblasts which are found in the airways of mammals as well as the skin (Byrd et.al, 2014).

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