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- Your former neighbor gave you his lawnmowerwhen he moved. You are thinking of using this giftto mow lawns in your neighborhood this summerfor extra cash. As you think about what to chargeyour neighbors and whether this idea is worthyour effort, what opportunity costs do you needto consider?4.Explain why opportunity cost is the best forgone alternative and provide examples ofsomeopportunity costs that you have faced today.A potential entrepreneur is trying to decide whether to open a new health spa. She currently makes $35,000 per year as an aerobics instructor and will have to give up this job if she opens the new health spa. If she chooses to open the spa, it will cost her $200,000 per year in rent and other operating expenses.a. What are her opportunity costs? Give an example.b. How much would she need to make in revenues to earn positive economicprofits?
- 1.What does it mean "the opportunity of one action"? could you discuss with examples how the opportunity cost it important for people live ?Question. Using the table below, answer the questions that follow it. A B C D EPizza 0 1 2 3 4Robot 20 18 14 8 0 a. What are the assumptions for a given production possibilities curve? b. What is the opportunity cost of one pizza when moving from B to point C? What moving from D to point E? c. Do these combinations demonstrate constant or increasing opportunity costs?Madison has a full-time job, but she is considering going back to school for a master’s degree.Describe how Madison might decide whether ornot to continue her education.
- 1.Give an example of some actionthat has both a monetary and non monetary opportunity? 2.describe an incentive your parents offered to you in an effort to influence your behaviora) What are the factors you consider to figure out the opportunity cost of a vacation to Gorakh Hill Station1. In what ways does gift giving reduce inequality in society? In what ways does it increase it? 2. If one compares foragers, pastoralists, horticulturalists, and agriculturalists, is there a pattern of change in the allocation and control of resources?
- 2) The capability approach was rooted in which of the following economists’ thinking? a) Aristotle b) Adam Smith c) Karl Marx d) All of the above e) None of the above 5) Which of the following statement is true regarding the discussion of the intrinsic and the instrumental views of freedom? a) If freedom is seen as being only instrumentally important, then the alternative combinations available for choice are all relevant for judging a person's advantage. b) If freedom is intrinsically important, then the interest in the capability set lies only in the fact that it offers the person opportunities to achieve various valuable states. c) With the instrumental view, the capability one is valued only for the sake of the best alternative available for choice, which is called "elementary evaluation". d) If freedom is intrinsically valued, the elementary evaluation will be applied as the opportunity to choose other alternatives is insignificant. 6) In terms of practical application,…Answer the following question:1. Are you more of a listerner or a talker? Which social skill/s do you think you need todevelop? In what ways can you develop it/them?2. If you were a parent at this time, what would you teach your children on social literacy.How would you teach them?It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?
