Q: Is this an good example of an opportunity cost? Why or why not? “To begin, I began selling prints of…
A: Opportunity costs are generally referred to all the benefits both monetary and non-monetary which…
Q: Explain the concept of opportunity costs and provide at least two real world examples illustrating…
A: The opportunity cost is the next best alternate which is given up.
Q: Product Combo A Combo B Combo C Combo D Combo E Motorcycles 0 2 4 6 8 Surfboards 30 27 21 12 0…
A: Opportunity cost refers to value of next best alternative for the given level of resources. It is…
Q: describe an important of trade-off you recently faced. Give an example of some action that has both…
A: Trade off refers to the situation where some amount of goods should be given up in order to gain…
Q: (1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of…
A: Opportunity cost refers to the monetary costs of lost options.
Q: So the last is it the fact that resources are scarce or law of increasing opportunity costs ? Cannot…
A: At the point when economists allude to the "opportunity cost" of an asset/resources, they mean the…
Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…
A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…
Q: Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose…
A: Opportunity Cost: when individuals had to for go one thing in order to get something else. Sacrcity:…
Q: Define opportunity cost in three (3) words/phrases and explain why
A: Opportunity cost is forgone best alternative choice.
Q: 2. You have 3 hours of free time. And you can think of 3 different uses of your time: 1) watching…
A: Opportunity cost: It is the value of the next best alternative that is forgone.
Q: Time left 0:58:4- 2) John and Maria are both given free tickets to see a movie. Both decide to see…
A: Here, it is given that John and Maria get free movie tickets and they both decided to see the movie.…
Q: Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing…
A: 1. Elliot and Jordy spend their time fishing and finding pineapples so time is the cost. Elliot can…
Q: examples how the opportunity cost is important for people's live?
A: The opportunity cost of an action is what you should give up when you decide to make that choice. It…
Q: . What economic opportunity cost in COVID 19?
A: Economic opportunity: It envelops the entirety of the components inside a local area that create…
Q: What is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in…
A: Opportunity cost refers to the cost that is foregone. In other words, it is the value of the next…
Q: .No.2 To a child the opportunity cost of going to cricket match includes the value of time that…
A: Opportunity cost : It is the cost of best alternative foregone. As resources are scarce, the…
Q: sity where he is getting a liberal arts education. What can we definitely say about Carlos' ortunity…
A: Since you have asked multiple questions we will solve first question for you if you want other…
Q: imothy quits his job, which pays him $96600 a year to enroll in a 4 years graduate program. His…
A: Opportunity cost (OC) is the forgone benefit that will have been derived by an option not chosen .OC…
Q: Maria has just paid down on a small apartment for which the mortgage is $2200 per month. Before she…
A: Opportunity cost is the cost of next best alternative forgone. It is the cost of the alternative…
Q: GUNS 600 E C F 500 B 400 iG A 300 D ROSES 350 500 580 700 5. The opportunity cost of moving from B…
A: Opportunity cost of moving from B to A = What is sacrificed / What is gained
Q: Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that…
A: The opportunity cost is the next best alternate or the next best alternate that is given up.
Q: The reason that the production possibilities frontier is usually a bow-shaped curve instead of a…
A: The PPF is bowed shaped due to law of increasing opportunity cost. When an economy produces more of…
Q: What are two scenarios where the opportunity cost of improving your math grade will decrease?
A: Opportunity Cost : Opportunity cost is the potential benefits one misses out on when choosing an…
Q: Timothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual…
A: 1.) Timothy chose to attend a 3-year graduate program instead of doing a job. In this case, the…
Q: Wendy Be Help ell me what you want to do ー t ▼ 스▼tt ▼ TNorm allTNo Spac Heading 1 Heading 2 Title…
A: Opportunity cost refers to the next best alternative that you give up for something. If we analyze…
Q: Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example…
A: The term opportunity cost implies that the next best option forgone
Q: On the basis of Table 1.1, you may infer that the law of increasing opportunity costs applies to…
A: The opportunity cost is the next best alternative that is foregone while making the choice between…
Q: Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program. His annual…
A: Given, Salary from job = $59,000 per year Tuition expense= $60,300 Books expense = $9,500 Food…
Q: Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the…
A: You will pay $100 for Apple air pod From 100 you can buy 100/25=4 reusable straws
Q: 3. Suppose you currently earn $80,000 a year. You are considering a job that will increase your…
A: Opportunity cost refers to the cost that is foregone. In other words, it is the value of the next…
Q: Suppose Liam's Automotive, a repair shop: offers two items: oil changes and tires. With all…
A: Oil changes Tires A 0 80 B 10 60 C 20 40 D 30 35 E 40 0 Opportunity cost: From point…
Q: a) Describe an important trade-off you recently faced. b) Define opportunity cost and give an…
A: a. Trade off refers to the situation where some amount of goods should be given up in order to gain…
Q: Suppose Bella has $1000 to spend on watches and/or bracelets. Watches cost $30 each and bracelets…
A: The total income = $1000 Price of watch = Pw = $30 Price of bracelets = Pb = $10 The budget line, 10…
Q: 30 25 Initial PPF 20 New PPF 15 10 2 3 5 7 TRUCKS Suppose Carlos is currently using combination D,…
A: Production possibility frontier (PPF) is a curve measures the trade-off between producing one good…
Q: Sarah is a bartender earning $27.7 an hour Her new favourite video game has just been released and…
A: Costs can be divided into implicit costs and explicit costs. Explicit costs are clearly stated costs…
Q: 1. Production Possibilities Country X is faced with the following output combinations for capital…
A: Production possibility frontier or a PPF is typically a convex shaped curve which represents various…
Q: 50 II 40 30 IV 20 10 10 20 30 40 50 Number of Turkeys Number of Chickens
A: Opportunity cost refers to the cost associated with the trade-off between two goods or services when…
Q: Q6. Suppose you work as a tutor in your school, making $16 per hour. Yesterday, you decided to…
A: Opportunity cost is frequently referred to as the next best alternative. The loss of gain that…
Q: Is this a good example of an opportunity cost? “To begin, I began selling prints of my pictures in…
A: Opportunity cost is the value of that alternative which has been foregone and is considered to be…
Q: True/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs…
A: Opportunity cost is the amount of Income thay can be generated if an activities is not rejected to…
Q: an opportunity cost a whole country experiences when society or the government has made a choice.…
A: The problem of choice and scarcity tends to lie at the very heart of economics, which is the study…
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- Wendy Be Help ell me what you want to do ー t ▼ 스▼tt ▼ TNorm allTNo Spac Heading 1 Heading 2 Title Subtitle Subtle Em Emphasis Intense E Paragraph Styles the opportunity cost of any decision that you make involves giving up something. I would like you to evaluate your opportunity cost of taking this course at Kean University. What opportunities may be afforded to you after you have completed your educational endeavor at KU? What will you have to give up now to accomplish your short and long-term goals? Being a full time online studentQUESTION 19 If one fails to account for implicit costs in decision making, then the cost-benefit rule will be flawed because, O A. the costs will be overstated O B. the costs will be understated C. the benefits will be overstated D. the benefits will be understated.ON1000 Principles of Economics S1 20/21 Quiz navigation If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester, then your opportunity cost of attending college this semester is ion 3 2. 3. 4. vet ered 10 11 12 13 ked out of O a. $38,500. 19 20 lag question O b. $31,000. Finish attempt .. O c. $26,800. Time left 0:27:52 O d. $26,500. Next page Previous page
- 3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?Using marginal thinking, if you were deciding whether to purchase a second television set, you would compare Select one: a. the additional benefits of the second television with the cost of the second television. O b. the dollar cost of the two televisions with the time you will lose watching the two televisions. C. the total benefits expected from the two televisions with the cost of both televisions. O d. the additional benefits expected from a second television with the cost of the two televisions. O e. the dollar cost of the second television with the dollar cost of the first television.1. Discuss the idea of an opportunity cost and think of three opportunity costs that you have made today 2. What is marginal benefit? How is it measured?
- 2.You were planning to spend Saturday working at your part-time job, but a friendasks you to go skiing. What is the true cost of going skiing? Now suppose you had been planningto spend the day studying at the library. What is the cost of going skiing in this case? Explain5. Opportunity cost and production possibilities Carlos is a skilled toy maker who is able to produce both trucks and drums. He has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of his time. Hours Producing Produced Choice (Trucks) (Drums) (Trucks) (Drums) A 8 4 B 2 10 4 4 2 15 D 6. 1 17 8 18 On the following graph, use the blue points (circle symbol) to plot Carlos's initial production possibilities frontier (PPF). (? 30 25 Initial PPF 20 New PPF 15 10 1 2 3 5 7 8 TRUCKS DRUMS 2.1.How does a business owner applying the concept of marginal costs decide how much to produce? For example, how did the driver determine how many hours to drive each day?
- Mid- sem 1. Assume that the schedule below describes the production possibilities confronting an economy. Using the information from the table? (a) Draw the production possibilities curve .be sure to label each alternative output combination (A through B) (b) Calculate and illustrate on your graph the opportunity cost of producing one CD player per week? (c) What is the cost of producing a second CD player? What might account for the differences? (d) Which point on the curve is the most desired one? How will we find out? Potential weekly pianos CD players Output combinations A 10 9 1 C 7 2 4 3 E 4 Q2: if taxes on the rich were raise to provide housing for the poor, how would the willingness to work be affected? What would happened to total output? Q3: Ghana currently allocated four (4) percent of our resources to military output. Is this too much or too little, how can we decide? Q4: Utility companies routinely ask state commissions for permission to raise utility rates. What does this…2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandpEmmanuel likes gardening. He grows zucchini that he sells at the local farmers' market. The table below describes the benefits and costs Emmanuel faces as he decides how many hours to dedicate to his garden each week. a. Complete the "Marginal Benefit" and "Marginal Cost" columns in the table below. Emmanuel's Gardening Benefits and Costs Hours Spent Gardening Total Benefit (dollars) Marginal Benefit (dollars) Total Cost (dollars) Marginal Cost (dollars) 1 $21 $ $3 $ 2 39 9 3 54 18 4 66 30 5 75 45 6 81 63 7 84 84