Q: Magdalena decides to plant some fresh flowers in her garden. A. The opportunity cost of…
A: Opportunity cost is implying as the cost which the consumer or producer needs to relinquish in…
Q: Using the concept of production possibility curve, explain how it can be used to show the…
A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…
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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…
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A: Scarcity is a basic economic concept which states that the goods and services that are used to…
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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Explain the economic concept of scarcity.
A: Scarcity is considered as a basic economic problem, it refers the shortage of resources to meet the…
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A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Tony and Patty produce skis and snowboards. The tables show their production possibilities. Each…
A: According to the Tony's production possibilities, Tony can produce either 25 snowboards or 50 skis…
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A: Production Possibilities Curve (PPC) is the curve which shows the production combinations of two…
Q: point lying inside (under) a production possibilities frontier indicates that _________. A. the…
A: A production possibility frontier shows the combinations of goods which could be produced with the…
Q: Explain the link between scarcity and each of the following a) choice b) opportunity cost c)…
A: By scarcity, we mean limited. For example, scarcity of resources means we have limited resources…
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: How does the shape of production possibility frontier graph affect the opportunity cost?
A: As the wants and desires of the individuals in the economy are unlimited but the resources available…
Q: he idea that because of scarcity, producing more of one good or service means producing less of…
A: Scarcity refers to one of the basic problems of economics. Scarcity means that resources are limited…
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: 3. Opportunity Cost Cho and Ginny are roommates. They spend most of their time studying (of course),…
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Q: Using the Possibilities Production Frontier explain the concept of opportunity cost (moving from D…
A: Opportunity cost is calculated by taking the ratio of the sacrificed units by one to the gaining…
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A: Given:- Production of berries increase from 21.0 pounds to 26.0 pounds. To calculate:- Opportunity…
Q: How does the production possibility frontier demonstrates the basic economic problem of scarcity.
A: The economic problem of scarcity stems from the fact that our needs and wants are unlimited,…
Q: Referring to table 1.1, the opportunity cost of producing 10 brushes is... a. 10 combs b. 1 comb C.…
A: The curve that depicts all combinations possible of two goods that could be produced using given…
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: Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource
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Q: Suppose a new drug was discovered that slowed the deterioration of health that accompanies aging.…
A: A production possibility curve is that curve which shows all those possible combinations of two…
Q: Suppose that you have 10 acres of land that is being fully used to grow potatoes. All 10 acres are…
A: Answer: If all the 10 acres of land are equally productive in the production of potatoes and 1…
Q: Production Possibilities Frontier 28 24 point A point E point B 20 point C 16 point D point F 12 8.…
A: The production possibility curve shows the combination of goods produced in a country using all the…
Q: D 40 60 80 100 Grade on Accounting exam a. Mark a point "A" where the opportunity cost of studying…
A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: s how the production possibility frontier demonstrates the basic economic problem of scarcity
A: The PPF (production possibility frontier) is a locus that represents various bundles of commodities…
Q: Suppose a society is producing capital and consumer goods. Draw production possibilities frontier…
A: The production possibility frontier (PPF) is a curve that depicts the variations in the quantities…
Q: Combination Fruit Candy 1500 1350 100 1100 175 800 225 450 350 E 500 Use the table to answer…
A: An opportunity cost refers to an alternative lost while selecting the best alternative.
Q: Timothy quits his job which pays $59000 a year to enrol in a 3 year degree graduate program. His…
A: Cost of opportunity refers to the expense of the next best alternative use of the factor. Here the…
Q: 1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a…
A: Production possibility frontier: Production possibility frontier or the abbreviated form PPF is the…
Q: Define Production Possibility Frontier. Draw a production possibilities frontier showing increasing…
A: The production possibility frontier (PPF) shows the combination of two goods and services which can…
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: The production possibilities frontier curves show the concepts of scarcity, choice, opportunity…
A: A Production Possibility Frontier or PPF refers to choices that society makes by combination of…
Q: In using tanks and trucks in a production possibilities curve with increasing opportunity cost,…
A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: Explain the following concepts 1.scarcity 2.choice 3.opportunity cost
A: Note: Since you have posted a question with multiple subparts, we will solve the first three…
Q: . a. Explain the following in not more than half a page - Opportunity cost. - Production…
A: Opportunity cost Opportunity cost is the cost of next best alternative foregone. In other words it…
Q: Use the concept of the production possibility frontier to explain the basic economic principles of…
A: When faced with the option of creating two commodities or services, the (PPC) is a model that…
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: A linear production possibilities curve indicates which of the following? a. Constant opportunity…
A: Production possibilities curve shows combinations of two goods that can be produced with the given…
Q: following
A: Scarcity refers to the basic problem being economic in nature which is basically limitless wants and…
- Explain the following in not more than half a page
Opportunity cost. Production possibility frontier .- scarcity
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- Explain the phrase - "Man must fit his technology with ecology."Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be measured) and also implicit costs. Then provide an example of an opportunity cost a whole country experiences when society or the government has made a choice.How does the scarcity of resources affect the firm’s decision making? Justify your answer through discussing specific situations.
- Amjad takes twenty minutes to travel from his home to his work using his car; however, he chose to take a bus, for which he consumed thirty minutes to reach his office. What type of cost is presented in the scenario? a. Nominal cost b. Alternative cost c. Social cost d. Implicit costExplain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be measured) and also implicit costs. Then provide an example of an opportunity cost a whole country experiences when society or the government has made a choice. Please answer in 150 words or more.Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question: _____graphing questions b. Ramon’s opportunity cost of completing a graphing question: _________essay questions c. Sammy’s opportunity cost of completing an essay question: _________graphing questions d. Sammy’s opportunity cost of completing a graphing question: _________essay questions e. If the two want to specialize in working on…
- Explain the link between scarcity and competitionComplete the cost schedule below for the Ozzie Ugg Boot Co. Total product (Q) Total fixed cost (TFC) Total variable cost (TVC) Total Cost (TC) Marginal Cost (MC) Average fixed cost (AFC) Average variable cost (AVC) Average total cost (ATC) 0 $50 $50 C 1 $80 D 2 B $95 E 3 A $105 F 4 $110 I G 5 $130 H 6 $160 J List the values that you obtained for the letters A to J in your answer (no more than 2 decimal places). What is the most efficient level for the company to produce its product? Why?Does Elon Musk suffer from scarcity? Explain.
- 1. Ramon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question:____ graphing questions b. Ramon’s opportunity cost of completing a graphing question:_____essay questions c. Sammy’s opportunity cost of completing an essay question:___ graphing questions d. Sammy’s opportunity cost of completing a graphing question:___essay questions 2. If the two want to specialize in working on their homework, who should do the essay questions and who should do the…Your best friend has an idea for a long-distancecar service to drive people across the country.Indicate the best explanation for why others havenot taken advantage of her idea: true innovation, market failure, intervention, unprofitable.Your Econ. Professor bought airline tickets to leave a conference early on Saturday morning. He later found out that he needed to present a paper later that Saturday, so he changed his tickets at a cost of $200. When he got to the conference, he discovered that he was scheduled twice: on Friday and on Saturday. He was given his choice of when to give the presentation. He said he would present on Saturday, because he paid an extra $200 in order to stay. Explain why you agree or disagree with his logic.
