Answered: calculate the opportunity cost of…

calculate the opportunity cost of increasing the number of mp3 players produced by 100 between 0 and 100 Point A: (0, 70,000) B: (100, 60,000) C: (200, 45,000) D: (300, 25,000) E: (400, 0)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter2: Productions Possibilities, Opportunity Costs, And Economic Growth

Section: Chapter Questions

Problem 3SQP

See similar textbooks

Related questions

Q: Two alternative programs to save 50 more lives per year entail providing more cardiac intensive care…

A: A cost-benefit analysis compares an intervention's costs and benefits, which are both expressed in…

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

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: Being able to make an item at a lower cost than anyone else can make it is an advantage? True or…

A: To make any item at lower cost is always a plus point in the market.

Q: Question 8 If your wage increases from $10 per hour to $15 per hour, then your Group of answer…

A: Opportunity cost refers to the next best alternative forgone

Q: Johnson and Johnson (J&J) provides mothers with safe and clinically proven mild baby products.…

A: When Johnson and Johnson (J&J) produces 10 baby products then they were producing 5 Listerine…

Q: 21 Food 15 12 012 Computers

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

Q: As long as marginal benefit exceeds marginal cost, any economic activity is optimal. 1) True 2)…

A: Marginal Cost (MC): - it is the additional cost incurred due to the production of additional units…

Q: Consider a production possibilities curve. The origin and two points A and B may be connected by one…

A: Scarcity is an economic concept that relates to the reality that there is a finite number of human…

Q: Michelle owns an independent bookstore and has observed that college graduates read more than people…

A: Here Michelle is just trying to take some advantage of the situation by attracting them through…

Q: Assume that it takes 2 hours of labor to produce a unit of good X and 6 hours of labor to produce a…

A: The next best alternative is commonly referred to as opportunity cost. It's also known as the…

Q: As more cars are produced, the opportunity cost of each additional car is greater than for the…

A: Opportunity cost measures the trade-off between two goods i.e. goods need to be given off in order…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: To find : What is condition depicted above

Q: Irfan has the budget constraint described in the graph below. If Irfan purchases 1 hour of tutoring…

A: When increasing the tutoring hours from 1 to 2, Restaurant meals per mometh decreases from 6 to 4.…

Q: When the net benefits of all economic activities are not maximized, economists say the allocation of…

A: If the net benefits of all economic activities are not maximized means, the resource allocated is…

Q: Calculate the opportunity cost of moving from a) Q to R in terms of food b) T to V in terms of…

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

Q: A college student is faced with a difficult decision of how to spend one hour tonight. She could…

A: Answer: Opportunity cost feres to the cost of the next best alternative available. According to the…

Q: The Production Possibility Frontier of a country is A has a slope equal to the unit factor cost…

A: An economy does not have resources in infinite amounts. This is called scarcity of resources. This…

Q: The graph which indicates the various production possibilities of two products when resources are…

A: Production possibility frontier or PPF shows the various combination of two goods that can be…

Q: What is the Opportunity cost to this student for the additional amount of study time on economics…

A: The opportunity cost refers to the opportunity that has been foregone to select the best…

Q: Economics is a branch of social science that deals with the efficient allocation of scarced…

A: Economics is the study of individuals and all the economic agents about how they allocate the scarce…

Q: If the production possibilities frontier between two goods were a straight line, then the…

A: Answer: If the production possibilities curve is a straight line it means the opportunity cost in…

Q: Which of the following questions can the criterion of Pareto efficiency answer? a. How much of a…

A: Pareto efficiency is a theory that implies that resources that are considered as allocated in the…

Q: In looking at the diagram above, if the consumer has an income of $40, then the absolute price of a…

A: Income = 40

Q: Johnson and Johnson (J&J) provides mothers with safe and clinically proven mild baby products.…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: A farmer produces both beans and corn on her farm. If she must give up 16 bushels of corn to be able…

A: Answer: Opportunity cost: opportunity cost refers to the units of a good sacrificed to produce one…

Q: Analyze how pareto efficiency is achieved from consumption activities in an economy

A: Human wants are unlimited but the resources to satisfy these wants are limited. Hence there is a…

Q: Continental Mobile offers an optional call package whereby each month the subscriber gets the first…

A: Given: Cost of first 50 minutes=free Cost of next 100 minutes=$0.25/min Cost of additional time=…

Q: Anatole is an addicted recreationist who loves to fish in Lake Elsinore. During the fall quarter…

A: The demand for trips when water is clean, q = 11 – (1/10)*p The demand for trips when water is…

Q: Production inefficiency occurs when production ____. is at any attainable point is at a point on…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: Which of the following decisions would entail the greater opportunity cost: allocating a square…

A: Opportunity cost represents the potential benefits that one has to give up while choosing an…

Q: A point outside the production possibilities curve is attainable, but there is not full employment…

A: PPC (Production Possibility Curve) refers to the different combinations of two commodities that can…

Q: The human effort applied to the production of goods is called in economics

A: To find : What is human effort applied to production of good in economics

Q: An economy will be operating on a point inside of its production possibilities frontier if there is…

A: The production possibility curve is defined as a curve which shows various combinations of two goods…

Q: In Economics SRP means Group of answer choices a. firms can change some factors of…

A: SRP Short Run Period

Q: Your brother gave you a ticket to a hockey game as a birthday gift. The ticket cost your brother…

A: The opportunity cost is the benefit derived from the alternative option that is not chosen.

Q: In moving from combination D to C, the opportunity cost of producing 200 more autos is

A: The production possibilities curve “is a frontier between all combinations of products that can be…

Q: Your niece owns a different type of chicken restaurant. She specializes in chicken and noodles and…

A: The economics as a study is based upon the idea that the resources which the economies have with…

Q: In the attached figure, if 2 million computers are produced per year, then: a. The marginal cost of…

A: The total cost of production is defined as the monetary value of all the inputs which are used in…

Q: Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce…

A: It is given that the town has the total population of 100 people. The town likes to consume the hams…

Q: Theft redistributes resources in a way that violates Pareto optimality. The account of efficiency…

A: Pareto optimality: It refers to that situation in which the people who are consuming different items…

Q: Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: Opportunity cost can be measured as the: Select one: a. Increase in the quantity produced of one…

A: Production possibility frontier depicts the combination of two goods that a nation can produce by…

Q: Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only…

A: In economics, opportunity cost represents one's sacrifice or foregone income when he choose an…

Q: What is the correct formula for calculating opportunity cost of good Y if we are producing goods X…

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

Q: A student has 100 pencils and 400 pens, B student has 150 pencils and 200 pens, C student has 350…

A: Given, Student Pencils Pens A 100 400 B 150 200 C 350 50

Question

calculate the opportunity cost of increasing the number of mp3 players produced by 100 between 0 and 100

Point A: (0, 70,000)

B: (100, 60,000)

C: (200, 45,000)

D: (300, 25,000)

E: (400, 0)

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to the table below, the opportunity cost of 10 additional bushels of peanuts is Peanuts Corn (Bushels) (Bushels) 0 55 10 50 20 42 30 28 40 0 A. impossible to determine from the information given.B. 50 bushels of corn.C. 8 bushels of corn.D. 42 bushels of corn.
Colin gives away 2 marbles each time he makes a pokemon card construct a graph that represents constant opportunity cost
In the attached figure, if 2 million computers are produced per year, then:a. The marginal cost of one computer exceeds the marginal benefit of one computer, so more computers must be produced.b. The marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.c. The marginal benefit of a computer exceeds the marginal cost of a computer, so more computers must be produced.d. The marginal benefit of a computer exceeds the marginal benefit of a computer, so fewer computers must be produced.FOR EACH ALTERNATIVE, PLEASE EXPLAIN WHY IS TRUE, FALSE OR UNCERTAIN.
Consider a production possibilities curve. The origin and two points A and B may be connected by one straight line. Point A is closer to the origin than Point B. Which of the following cannot be true? a. A is inefficient; B is efficient b. Both A and B are inefficient c. A is efficient; B is unattainable d. Both A and B are efficient
A bus trip to San Diego costs $10 and takes eight hours. The same trip can be made by plane for $58 and takes two hours. If you can work for $5 per hour, your opportunity cost of making the trip by bus and by plane are, respectively:
Question 30 Link and Zelda each have 12 hours a week they can spend making costumes and accessories for their cosplay group. Link has been doing this for years and can make a costume piece in 2 hours and an accessory item in 1 hour. Zelda is still learning and can make a costume piece in 3 hours and an accessory item in 2 hours. The opportunity cost of 1 costume piece for Link in terms of accessory items (i.e. accessory items per costume piece):
What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and a graph as well.
Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only 40 hours of labor each. Babs can produce a maximum of 50 cakes if she produces no beer, and 100 units of beer if she produces no cake. Donna can produce a maximum of 100 cakes with no beer produced; if she makes no cake, she can produce 120 units of beer. Calculate donnas opportunity cost for a cake
Calculate the opportunity cost of moving from- a)Q to R in terms of food b)T to V in terms of food
Define the opportunity cost . What is the significance of opportunity cost in economics.
Q15.) Answer each question. Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is ___. 2.) If she buys 1 pie the number of magazines she can buy in a week is ____. 3.) What is her S opportunity cost of purchasing a pie? ___ 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
Continental Mobile offers an optional call package whereby each month the subscriber gets the first 50 minutes free, the next 100 minutes at $0.25/min, and any additional time at the normal rate of $0.50/min. What is the opportunity cost of making an additional 20 minutes of calls for a subscriber who currently makes A) 40 minutes each month? B) 140 minutes each month?