A student has only a few hours to prepare for two different exams this afternoon. This table above shows alternative possible exam scores with three alternative uses of the student's time. The opportunity cost of raising their economic score from an 87 to 94 is: A. 8 points on the history exam B. 11 points on the history exam C. 7 points on the economic exam D. 10 points on the economics exam

Q: Magdalena decides to plant some fresh flowers in her garden.     A. The opportunity cost of​…

A: Opportunity cost is implying as the cost which the consumer or producer needs to relinquish in…

Q: The diagram below shows a country’s production possibilities curve. Two outputs are possible,…

A: Here, the given graph shows the production possibilities curve with two goods, capital good and…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…

A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…

Q: Which of the following is NOT an illustration of the notion of opportunity cost         A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

Q: You have the evening free. You have a choice between going to a concert with a friend or studying…

A: The opportunity cost is called the next best alternative that is given up. In other words, the…

Q: NFL quarterback Tom Brady takes his extended family to each of his Superbowl appearances. His dad…

A: The statement is not consistent with the economic principle of diminishing marginal utility.

Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…

A: value of Grocery store = $7000 value of clothing store = $10,000 Opportunity cost = Return on best…

Q: Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the…

A: Earnings per hour as a coach=$13 Carnival admission fees=$9 Attending the carnival includes two…

Q: You are a University student who must live off-campus in the second year. There are two types of…

A: Opportunity Cost is defined as the cost of the next best alternative or the cost that is forgone.…

Q: Question 14 Refer to Table 1-1 in Question 11. The opportunity cost of 1 unit of bread for Whetonia…

A: 14) The table above shows the labor hours required to produce one unit of bread and cheese and the…

Q: If your neighbor chooses to go apple-picking, what is the opportunity cost?

A: neighbor has three choices-  1) going hiking (valued at $20) 2) going apple-picking (valued at $30)…

Q: You have just woken up and are deciding whether to sleep for one more hour or not. If you don't go…

A: Opportunity cost refers to the value of next best alternative use of given resources.

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

A: Opportunity cost is the value of the best alternative or we can say the gain from the best…

Q: You won a free ticket to see a Bruce Springsteen concert (assume the ticket has no resale value). U2…

A: Opportunity cost is the value of next best alternative foregone.

Q: Suppose you have a choice to go to a Katy Perry concert or a Lady Gaga concert on Friday night. You…

A: Opportunity cost of an activity is the forgone benefits from the next best alternative.

Q: Suppose an economy produces clothing and food only. The following table shows the production…

A: The production possibilities frontier (PPF) represents all the possible production combination of…

Q: Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does…

A: The potential gains that a person, investor, or organisation loses out on when choosing one choice…

Q: Using an economic point of view, please describe and explain the following two situations: Describe…

A: Answer (1) The satisfaction of human needs and wants by optimally utilizing scarce resources of the…

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: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…

A: The Opportunity cost to a firm in using any input is what the input could earn in its best…

Q: A production possibilities frontier is a straight line when Select one: a.the more resources the…

A: Production possibility frontier (PPF) depicts the varying levels of two goods that a society can…

Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…

A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…

Q: You’re working on a team-based homework assignment with a partner, Deidre, that consists of an essay…

A: When you make a decision, the value of the next best thing you give up is called opportunity cost.…

Q: Consider your decision to study this final exam. Which of the four core principles of economics…

A: Marginal Principle is defined as the increase in the level of an activity when its marginal benefit…

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Given Total labor = 12 units Labor required to produce 1 gun = 6 units Labor required to produce 1…

Q: A university student faces the decision of how to spend one hour tonight. She could babysit her…

A: Opportunity cost is the worth of what you lose while picking either at least two choices.

Q: Karl chooses to walk to work instead of taking the metro.     A. The opportunity cost of walking to…

A: Opportunity cost is the foregone benefit of the alternative preferred.

Q: You have 3 attempts remaining. The table below shows various combinations of amounts of fish and…

A: The opportunity cost is the second-best alternative which is foregone in order to select the best…

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: Alex Selkirk's PPF is given below. The outputs represent what he can catch, or produce, in any given…

A: Opportunity cost:- The possible rewards that an individual, investor, or organisation lose out when…

Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you

A: According to the given question opportunity cost is simple words we can say that it is the cost of…

Q: You can spend spring break either at home working for $80 per day for five days or go to Florida for…

A: Opportunity cost refers to the value of the best alternative forgone when one chooses an item or…

Q: The price of a cup of coffee is $2.00. Alternatively you could spend your money on granola bars…

A: Opportunity cost is the foregone value of the next best alternative when a decision is made.  In…

Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…

A: vacuuming a room Washing a load of dishes Mike 1 2 Debbie 2 1

Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: Introduction: The sum of all costs spent by a firm in achieving a given level of production is known…

Q: holds that as an economy moves along its production possibilities curve in the direction more of a…

A: Opportunity cost is the renounced benefit that would have been gotten from a choice not picked. To…

Q: The following diagram is the feasible set of a student, showing the combinations of her final grade…

A: A curve that depicts the varying amounts of two products that could in turn be produced when both of…

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: 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…

Q: You have two choices for how you are going to spend Saturday evening. You can go to the pub with…

A: Answer 1 (a) An opportunity cost is the benefit an individual gets from the next best alternative…

Q: Parents offer to buy their son a new videogame if the kid gets an A in all his classes. Which…

A: Economics refer to the study of allocation of limited resources in the presence of unlimited wants…

Q: You’re given the following information about a newlywed couple Mike and Debbie. The table provides…

A: Given data, Mike Vacuum 1 room = one hour 2 loads of laundry = one hour  Debbie Vacuum 2 rooms = one…