1. Use the concept of opportunity cost to explain the following. In your response, explain what the opportunity cost is and then mention what the opportunity cost is (or was) and whether it is (or was) relatively high or relatively low, Explain your reasoning. Use at least two sentences in your response. a. Tiger Woods dropped out of college to play professional golf. b. More people choose to get graduate degrees when the job market is poor.

Q: a. What is the opportunity cost of producing 25 more units of capital goods if this economy is…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets…

A: Opportunity cost is the next best cost that is foregone in order to do some other task.

Q: Define the opportunity cost . What is the significance of opportunity cost in economics.

A: Opportunity Cost Opportunity cost is the cost of next best foregone.When a person, an investor, or a…

Q: What is opportunity cost and how can this concept be applied in real life?

A: In economics, opportunity cost is an important concept to study as it has significance in making…

Q: Define opportunity cost in three (3) words/phrases and explain why

A: Opportunity cost is forgone best alternative choice.

Q: What are the factors you consider to figure out the opportunity cost of a vacation to Gorakh Hill…

A: In an economy, opportunity cost can be seen in every field of life as it explains the foregone…

Q: 9) Which of the following activities, if any, accurately describes the opportunity cost of attending…

A: Opportunity Cost :- It means the sacrifice you have made for opting a particular task. It means with…

Q: What item u figure out of opportunity cost of vacation to Disney world

A: Opportunity cost is the cost of alternatives when one chooses to do one thing.

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: Suppose you've just inherited $10,000 from a relative. You're trying to decide whether to put the…

A: (a). Opportunity cost when Interest rate on Government bond is 8% = 10,000 × 8 / 100 = 800 (b).…

Q: What is the marginal opportunity cost to Fred of buying one milkshake? If Fred buys six milkshakes,…

A: Opportunity cost is the cost of next best alternative use. It is the cost which a person occur, when…

Q: What is the opportunity cost of moving from point I to point D? Explain.

A: The maximum output of two items utilizing a fixed amount of input is measured by a production…

Q: List two opportunity costs a law student may incur in order attend law school. Do you think two…

A: Opportunity cost refers to the value of the next alternative that is best suitable for an…

Q: In the first graph with hats and videos are opportunity costs constant or increase?  How much does…

A: The law of increasing opportunity cost is the concept that as you continue to increase production of…

Q: Use the following table to answer the question below. Dave's Production Possibilities Schedule…

A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…

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: Does this production possibilities curve show increasing opportunity costs? Explain

A: The curve that depicts the combination of goods that could be produced using the resources being…

Q: Economics is all about trade offs. What is the opportunity cost for a typical student pursuing a…

A: According to Adam Smith, economics  is defined as “an inquiry into the nature and causes of the…

Q: Sam has two options this weekend. He could work at his job and earn $9/ hour for three hours, or he…

A: Next best alternative cost is the opportunity cost. If Sam is going to theatre, he would spend $30…

Q: Exercise 1 1. Suppose you have been offered a choice of two part-time jobs: 10 hours a week stacking…

A: Due to the concept of scarcity in economics, consumers have to choose between two or more choices…

Q: What is an opportunity cost? Give an example from class or make up your own

A: Economics studies how scarce resources are allocated in a manner that most of the human needs are…

Q: 3. Explain the concept of opportunity cost and list down ( three (3) items on each) the opportunity…

A: The value of the next best alternative foregone is known as the opportunity cost.  it is the expense…

Q: Give an Example how a change in opportunity cost can effect behavior.

A: The opportunity cost refers to the cost of the next best alternative foregone while making a…

Q: • Describe various opportunity costs of attending college. Given these opportunity costs, why do…

A: As a matter of first importance we want to comprehend what opportunity cost is:- OPPORTUNITY COST is…

Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: Suppose you have $1000 to spend on shirts and sweaters. The price of a shirt is $10, and the price…

A: Opportunity cost is the estimation of what you lose while picking between at least two alternatives.…

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: A. O The economy is facing constant opportunity cost В. The economy is facing decreasing opportunity…

A: Answer in step 2

Q: 1. The opportunity cost of holding money Suppose you've just inherited $10,000 from a relative.…

A:

Q: 4. The opportunity cost of changing your decision on what to major in college is highest___   a.…

A: Opportunity cost can be defined as the benefit that has been forgone of the next best alternative…

Q: Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each…

A: choice alludes to the capacity of a purchaser or maker to choose which great, administration, or…

Q: Carefully define the notion of opportunity cost. Use this notion to explain the following phenomena:…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: What is Opportunity Cost? And its example

A: Trade helps to specialize in activities which have comparative advantage.

Q: 2. Plot the given schedule. Are opportunity costs increasing or constant? Good X Good Y 10 5 10 20

A: Opportunity cost refers to the economic measure is the trade-off that an individual has to make due…

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 is the value of next best alternative forgone while making choice. In other words,…

Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…

A: The benefit which is forgone that would, in turn, had been derived through an option not being…

Q: 5. Answer the questions using the following inform together making iPads and Selfie Sticks. Using…

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…