Ben considers going to the Kings of Leon concert in Philadelphia. A ticket costs $100. If Ben does not go to the concert he could earn $60 working at a craft store at the same time. Alternatively, he could also stay at home and make $20 by mowing the neighbor's lawn. What is Ben's opportunity cost of attending the concert?

Q: Suppose Alphonso’s town raised the price of bus tickets to $1 per trip (while the price of burgers…

A: Given information: The price of bus tickets rises to = $1 per trip Price of burger = $2 Budget = $10

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A:

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A: The opportunity cost is the value of the next best alternative.

Q: what is the potential opportunity cost of watching a lot tv show.

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A:

Q: The fact that human wants cannot be fully satisfied with available resources is called the problem…

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A: Before we discuss the solution to the above problem, let us first understand the concept of…

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

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A: PPF shows all possible combination of two goods that can be produced by the given resources. In…

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A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…

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

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

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

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A: Total cost includes explicit and implicit costs. Explicit costs are the actual out of the pocket…

Q: What’s the difference between trade off and opportunity costs

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

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A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…

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A: Opportunity cost is the benefit forgone by not choosing the next best alternative. Opportunity cost…

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