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- True or False Opportunity costs are roughly the same for everyone who attends college.Answer the given question with a proper explanation and step-by-step solution. Suppose that following graduation you have four job offers. Job 1 is in Spokane Washington, and pays a salary of $50,000 per year, Job 2 is in San Jose California and pays $60,000 per year, Job 3 is in Raleigh NC and pays $45,000 per year, Job 4 is in Sarasota Florida and pays $40,000 per year. If you choose job 4, what is the opportunity cost of this decision?Please explain opportunity costs
- Could you please provide an example (article) of the opportunity cost in real life and explain in economic terms why opportunity cost is in that particular situation?Is this an good example of an opportunity cost? Why or why not? “To begin, I began selling prints of my pictures in 2019 throughout 2020. USPS and UPS were the options I had during this period to ship out orders. I chose to ship my orders via UPS rather than USPS since it had the choice to ship orders internationally. While USPS is cheap and has fast shipping. Shipping the orders with UPS did not ship orders out on time, orders were damaged, and spending a large bulk of money getting these orders shipped out. The opportunity cost is the benefit of using USPS services.”What is an real-life example of a opportunity cost?
- What can you say about all three of these Production Possibilities Frontiers? a) All exhibit constant opportunity costs b) All represent production where resources are not specialized c) Each represents the trade-off between goods X and Y d) All the above e) None of the aboveDefine the term opportunity cost?How would scenarios A and B affect the opportunity cost of going to college versus going to work immediately after high school? In which scenario is the opportunity cost of going to college higher? Why?
- Identify the types of opportunity cost that people often undervalue,and explain why undervaluing them distorts decision making.A university student faces the decision of how to spend one hour tonight. She could babysit her neighbor’s child at an hourly wage of $12; she could work at the college library at a wage of $15, or she could study for her economic exam. If she chooses to study for her economic exam, she has incurred an opportunity cost equal to: $_______.According to the Centers for Medicare and Medicaid Services, more than a quarter of the Medicare budget goes to paying for medical care incurred during the enrollees’ last year of life. What is the opportunity cost of those billions of dollars? Is it relatively low or high? What could be possible alternative uses of that money? List at least a few alternative options and discuss the associated tradeoffs.