Based on the photograph of the question 2 section. if the economy is currently producing 10 bags of snacks, what is the opportunity cost per unit of producing two more bags of tea?

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: Use the given production possibilities curve (PPC) to answer the following question. A city…

A: Production Possibilities Frontier (PPF) is a graph that shows all of the potential output…

Q: Why is a production possibilities frontier typically drawn as a curve, rather than a straight line?

A: Production Possibility Curve represents different combinations of good (or services) that can be…

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

A: The nation has a total of 12 units of labor. One unit of the gun is produced by 6 units of labor,…

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: Which of the following are three key components of the economic problem? a. scarcity; choice; giving…

A: The economics as a study is based upon the basic idea of scarcity, where the resources which are…

Q: Suppose that Crystal Falls produces sports drinks and bottles of water. Below are the possible…

A: Here, production possibility combination of sports Frick and water bottles are given. Opportunity…

Q: What does the Powerbar model tell us about how creativity fits into a market economy?

A: Ans-    Market power model means a broader market which existing rebranding bar.  It is constant…

Q: Refer to Figure 3-3. If the production possibilities frontier shown for Bob is for 100 hours of…

A: Maximum units of burrito Bob can produce = 300 units Maximum hours of production = 100 hours…

Q: a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost:…

A: Paulie's opportunity cost of ice cream = 17/3 = 5.67 t-shirts

Q: What is an real-life example of a opportunity cost?

A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…

Q: Let Utopia be a very small country that produces Cheese and Bread only. Its production possibilities…

A: Production possibility frontier is the curve that shows different possibility of combination of two…

Q: Which of the following best describes what occurs along a bowed-out production possibilities curve?…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

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: What is an Opportunity Cost in economics? Answer by giving an example.

A: Opportunity costs are the cost that represents the potential advantages an individual, investor, or…

Q: Explain the following two statements: “Education increases human capital and expands production…

A: Answer- Need to find- Explain the following two statements: “Education increases human capital and…

Q: how does discovery of a new source of oil affects the production possibilities curve?

A: The production possibility curve or PPC is the locus of the combination of goods and services that…

Q: Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a…

A: The economic approaches can be mainly studied under two categories- positive statements, that are…

Q: Using this table, draw a production possibilities curve. What assumptions is this production…

A: Given

Q: According to the article of Jan 18, 2016 "several Canadians are nominated for Oscars" answer the…

A: The opportunity cost is the cost of producing one good in terms of sacrifice of the production of…

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

A: opportunity cost is the forgone benefit that would have been derived from an option not chosen. To…

Q: Suppose there is rovement in medical technology that enables more healthcare with the same amount of…

A: The PPC is the production possibility curve which illustrates the different combinations of two…

Q: Like a good economist, you calculated the cost of getting your college degree, including the…

A: Let's summarize the given information  Tuition cost in university is $12000 per year The total cost…

Q: The production possibilities curve illustrates the notion of opportunity cost because A. as more of…

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

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: Q7. Philosophers draw a distinction between positive statements, which describe the world as it is,…

A: Economists are the people who study different economic models and theories.

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: What is the opportunity cost of increasing the number of movies produced?

A: Opportunity cost refers to the given up benefits to obtain some other benefits.

Q: Today, an estimated 2 million people drive for Uber, often evenings and weekends after they’re…

A: The economics as a study is based upon the idea that the resources which are available with each…

Q: What is the opportunity cost of 100 shirts?

A: Opportunity cost is the option foregone in order to produce something.

Q: What is the opportunity cost in economics?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: The table below shows various combinations of amounts of fish and corn that can be produced…

A: An opportunity cost can be understood as the loss of the second-best alternative in order to select…

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

A: The opportunity cost s the money value of the next best alternative that is foregone while making…

Q: If a family spends its entire budget in a given time frame, the family can afford either 95 cans of…

A: Opportunity cost is the second best alternative cost. Also Opportunity cost is the summation of…

Q: Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some…

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

Q: If the production of computers increases from point P to point S, what is the opportunity cost in…

A: Opportunity cost is the loss of potential increase from different options when one option is picked.

Q: Use the PPF to answer the following questions:   (a) At point F, how many sweaters are being…

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

Q: What is the opportunity cost of beer as production moves from point C to Point A?.

A: Opportunity cost in PPC is the marginal rate of transformation. MRT= Loss/Gain MRT from point C to…

Q: Use the PPF to answer the following question: 1. Can we determine if Point F is allocatively…

A: Allocative efficient is the point on the Production Possibilities frontier where the production of…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…

A: Opportunity cost is nothing but the cost of the next best alternative or the amount sacrificed to…

Q: What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket…

A: Answer: Correct option: (3) Explanation of correct option: Opportunity cost = It refers to the cost…

Q: Based on the graph, what is the opportunity cost of moving from point B to point D? Baseballs A 200…

A: Opportunity cost is the foregone benefit when an alternative is preferred.