Define, describe and illustrate with an example the opportunity cost for a person setting up his own business?

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: List the opportunity costs of the following: a. going to college b. missing a lecture c. withdrawing…

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Q: What is opportunity cost?

A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…

Q: Samantha and Jim run a business that sets up and tests computers. Assume that Samantha and Jim can…

A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If…

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: What does the principle of increasing marginal opportunity costs mean

A: Opportunity cost represents the financial cost of the economy regarding a business in making…

Q: Some college students have claimed that because their incomes will be higher as a result of…

A: The opportunity cost is the benefits of next best alternative that is sacrificed. The attending…

Q: Define opportunity cost in three (3) words/phrases and explain why

A: Opportunity cost is forgone best alternative choice.

Q: What's in the flow? Use the infomation fromyour PowerPoint (week-1) to answer the following…

A: In a resource market, a firm can purchase resources needed to produce a good, i.e., land, labor,…

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: explain na link between scarcity and opportunity cost

A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…

Q: The individual production points on each person's production possibilities frontier represent their…

A: Production possibility curve is used to represent the maximum amount of output that an individual…

Q: Define the four ecconomic resources (the factor of production).How are they Relevant to the…

A: Economic resources or factor inputs are used in production of output. These are also known as…

Q: Explain the link between scarcity and opportunity cost Explain the link between scarcity and…

A: Scarcity is a relative term. It means the limited (not enough) availability of resources compared to…

Q: Is there a pattern in opportunity cost changes?

A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…

Q: growing opportunity What would the curve cts . like if opportunity costs fixed? (Voice you onse or…

A: When the production possibility curve is concave in shape then the opportunity cost is increasing.…

Q: What is the opportunity cost of moving from point I to point D? Explain.

A: The maximum output of two items utilizing a fixed amount of input is measured by a production…

Q: Define the following terms with explanation with an example of each 1.Scarcity 2.Opportunity cost

A: Economics is a social science that studies human behavior and help in making economic decisions.…

Q: Suppose that, in starting a new business, you leave your current job at a healthcare company that…

A: Opportunity cost represents the forgone benefits from the next best alternative. It is also known as…

Q: From Opportunity cost point of view. Although attending college is expensive, time-consuming, and…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: While Marcus and his friends were watching a movie last Saturday, Marcus received a phone call from…

A: The opportunity cost is the cost of choosing one option over another.

Q: Your opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket…

A: Opportunity costs are the costs incurred when choosing next best alternative

Q: Maria has just paid down on a small apartment for which the mortgage is $2200 per month. Before she…

A: Opportunity cost is the cost of next best alternative forgone. It is the cost of the alternative…

Q: Karen can make 4 jackets or 17 ties in one day working at the clothing factory can make 8 jackets or…

A: Opportunity cost measures the trade-off between two goods i.e. it measures what we give up to obtain…

Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)

A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…

Q: what is the difference between the concept of trade off and opportunity cost?

A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…

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

A: As we know that human wants are limited but means to satisfy these wants are limited. A person has…

Q: Q1: What is opportunity cost? Q2: Explain with example.

A: Opportunity cost is also known as displacement cost.

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: Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be…

A: a)Law of increasing opportunity cost: As production of one good (say X) increases, the opportunity…

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: Suppose Liam's Automotive,  a repair shop: offers two items: oil changes and tires.  With all…

A: Oil changes Tires A 0 80 B 10 60 C 20 40 D 30 35 E 40 0 Opportunity cost: From point…

Q: What is the difference between opportunity cost and trade-off? Please explain.

A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…

Q: What is a good way to calculate opportunity cost?

A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…

Q: This refers to the cost of a foregone benefit. a. scarcity b. opportunity cost c. microeconomics d.…

A: Economics is a branch of social science that deals with the production, distribution, and…

Q: Magdalena decides to plant some fresh flowers in her garden? what is the opportunity cost a.Time…

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

Q: Production Alternative Types of Production В C D E Capital Goods 10 20 30 40 Consumer Goods 75 68 54…

A: The given table shows two types of products that are capital goods and consumer goods, with five…

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: How does opportunity cost relate to problem of scarcity

A: Scarcity means that the demand for a good or service is greater than the availability of the good or…

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: What is opportunity cost in both terms tangible and intangible. Explain with the help of examples?

A: The limited availability of a resource or good against a theoretically unlimited requirement is…