3. Explain the concept of opportunity cost and list down ( three (3) items on each) theopportunity costs of you;attending the collegewatching the latest James Bond movie over this week end.accepting the permanent job offer.Attending soccer training organised by collegei.ii.iii.iv.

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

Answered: 3. Explain the concept of opportunity…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter2: Economics: Eight Powerful Ideas

Section: Chapter Questions

Problem 7P

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1. Understanding opportunity cost You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9. The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is .
match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost
a. According to economic theory, society makes an important tradeoff between scarcity, choice and opportunity costs. Carefully discuss this tradeoff with relevance to health economics. b. A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization (NGO) to serve the needs of orphans. His annual expenses for the NGO amounts to $62,700 for food and daily supplies $9,400 for maintenance, and $1,800 for books. i. What is his opportunity cost of opening the NGO? (Show working) ii. What core economic principles are considered in the doctor’s decision making?
a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.
Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be explained graphically?
If the cost of tuition is $1,000; books cost $500; supplies cost $100; and you could have earned $20,000 instead of attending college, then the total opportunity cost of attending college is:Question 1 Select one: A. $21,600. B. $1,600. C. $20,000.
2. In weighing the costs versus the benefits of the decision we make we realize: Group of answer choices A. people face trade-offs B. goods are scarce C. households hate to make decisions D. we all must earn income to eat
From Opportunity cost point of view. Although attending college is expensive, time-consuming, and requires effort, but people decide to attend college. Explain why?
4. The opportunity cost of changing your decision on what to major in college is highest___ a. before you have earned any of the credits needed to obtain the major you initially chose. b. after you have officially declared a major. c. after you have earned ½ of the credits to obtain the major you initially chose. d. after you have completed your major and received your diploma.
Q.No.2 To a child the opportunity cost of going to cricket match includes the value of time that could have been spent studying? Explain
What is the opportunity cost of attending college ?What happens in terms of opportunity cost as one gets more educated? Eg. 2yr, 4yr degree, MS degree, PhD. What role does college choice play in your analysis (Ivy league vs state school, the value of a college name etc)
Practice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is Lucy's opportunity cost of making a wagon? Group of answer choices 1. 1 1/3 tricycles 2. 2 tricycles 3. 3/4 of a wagon 4. 3 wagons

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3. Explain the concept of opportunity cost and list down ( three (3) items on each) the opportunity costs of you; attending the college watching the latest James Bond movie over this week end. accepting the permanent job offer. Attending soccer training organised by college i. ii. iii. iv.