You are a student in an economics 200 that meets daily at 8:00 a.m. sharp. There is a quiz every Friday that starts are precisely 8:00. The quiz typically lasts only three or four minutes. If you are, say, two minutes late to class you may only have 1 or 2 minutes to complete the quiz.
Consider two alternative scenarios:
1.
You arrive at school at 7:57 a.m. Friday morning for your 8:00 economics
class 200 class. You really have to go
to the bathroom. However, if you take
the time to relieve your bladder you will be several minutes late for the 8:00
quiz. Quizzes always start on time,
that is, promptly at 8:00. Students are
typically allowed only three or four minutes to complete the quiz. Do you use the bathroom before class? What is the cost of being late to class?