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- Explain the concept of opportunity costs and provide at least two real world examples illustrating its usefulness.Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is the opportunity cost of swords if total sword production is 40?Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example of an opportunity cost', is true or false?
- Is this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS.”To what can concave shape of Production Possibilities Frontier be due?Select one:a. Law of diminishing returns.b. Existence of an opportunity cost.c. Scarcity.d. Efficiency in production.e. Inflation of a market.Productivity Table Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30 What is Dean's opportunity cost of soup?
- Apply the concept of opportunity cost to the following scenario: You have invested S500 for a roundtrip fare for your vacation trip abroad with a specific airline. However on the way back your flight has gotten delayed due to strike of air workers and hence you will return home a day late. You could pay an additional $200 with another flight to reach home early next day. What is the opportunity cost of missing work for that one day?What does it mean "the opportunity of one action"? Could you discuss with examples how the opportunity cost is important for people's live?A nation's residents can allocate their scarce resources either to producing consumption goods or to producing human capital-that is, providing themselves with training and education. The table below displays the production possibilities for this nation. a) Suppose that the nation's residents currently produce combination A. What is the opportunity cost of increasing production of consumption goods by 10 units? By 60 units?b) Does the law of increasing additional cost hold true for this nation? Why or why not?
- Law of increasing opportunity cost: a. Explain it. b. What does it teach us? c. How could it be explained graphically?Which is a good example of an opportunity cost? 1. “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. UPS was expensive at the moment for smaller or lightweight packages whereas USPS offered a cheap price for these types of packages. UPS ships more than 220 internationally while USPS ships to certain international destinations. I have chosen USPS over UPS, orders were delivered on time and without damage by the United States Postal Service. The opportunity cost is the cost of UPS shipping. “ 2. “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,…An inventor found a new way to produce more steel from each ton of her country’s iron ikr. How would a production possibilities curve reflect the application of that discovery to the country’s production of steel cookware? Why?
