Farmer McDonald's gives banjo lessons for $20 an hour. One day, He spends 10 hours planting $100 worth of seeds on his farm. What opportunity cost has he incurred? what cost with his account in Measure? If these seeds yield $200 worth of crops, Does McDonald earn an accounting profit

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…

Q: Fay runs a hot dog cart at the sports stadium. Fay has no skills, no job experience, and no…

A: An economic profit is the difference between the revenue a commercial entity has received from its…

Q: Another important law in economics is the “law of marginal returns or the law of…

A: The law of marginal returns indicates that when the firm uses more of the same variable input to…

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A: In economics, diminishing returns is the decrease in marginal output of a production process as the…

Q: Raphael is a hard-working college junior. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the additional output produced from employing an additional unit of input

Q: Question Completion Status Graph (a) Graph (b) R. 3 4 3 4 2 5 TRACTORS TRACTORS Refer to Figure 2-4,…

A: Here the production possibility curve, of the graph (a) shows various production possibilities such…

Q: Refer to the accompanying table below. The marginal cost of the 3'd unit of this activity is: Units…

A: Marginal cost refers to an increase in total cost because of one more unit of output.

Q: Is this a good example of opportunity cost? “In 2019, I started my small business by selling prints…

A: Opportunity cost is the cost or the value of the next best alternative that is given up.

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity cost is the cost of next best alternative. A person should invest only if economic…

Q: Explain all resources that economic relies on.

A: In economics, resources refer to the items that provide benefits to the people directly or…

Q: Another important law in economics is the “law of marginal returns or the law of increasing costs".…

A: Marginal return refers to the additional output that obtained by increasing one more unit of input.

Q: Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual…

A: Opportunity cost means the value of the other option which is considered to the best after the…

Q: Your aunt is thinking about opening a hardware store.She estimates that it would cost $500,000 per…

A: opportunity cost is what is sacrificed when a person select one option over another one. it is a…

Q: Explain why using opportunity cost as a measure of the “cost” of something is better than using a…

A: Trade-off:The term trade-off refers to sacrificing one commodity in order to buy the other…

Q: 4. If TC = 12q can produce and stay below our budget? (Excel) 12q? +32q + 32 and have a budget of…

A: ??= 12?3 ― 12?2 +32?+ 32 Budget = $100,000 To find the number of units produced to be below budget:…

Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go…

A: Opportunity cost is the benefit given up by choosing one alternative over another.

Q: Distinguish between accounting profit, economic profit, and normal profit. Does accounting profit…

A:

Q: Wheat 300 200 100 100 200 300 400 Soybeans Refer to Figure 2-7. In order to move from Point C to…

A: Opportunity cost refers to the additional cost or foregone income of an individual or firm when…

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

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A: explicit costs are the cost which are incurred by the producer in order to run the bussiness. In…

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Q: Question 2   Your uncle is thinking about opening a hardware store. He estimates that it would…

A: Given: The cost of rent and buying stock = Rs.5,000,000 per year Salary of current job = Rs500,000…

Q: Alex is a hard-working college sophomore. One Saturday, he decides to work nonstop until he has…

A: Marginal gain is the addition to the total gain by employing an additional unit of input. Time spend…

Q: Poornima is a hard-working college junior. One Saturday, she answered 100 practice problems for her…

A: Poomima is a hard-working junior college .one Saturday ,she decides to work nonstop until she has…

Q: Joe runs a vegetable stall in the market building. Joe has no skills, no job experience, and no…

A: Sellers must incur costs while producing goods and services by making a variety of factor payments…

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A: The marginal cost (MC) is the cost incurred when one extra factor is employed in the production. IN…

Q: example a(n): A. sunk cost B. out-of-pocket cost C. opportunity cost D. incremental cost

A: Marginal cost is the cost that the manufacturer spends to manufacture one more unit of the good. The…

Q: ECO20A ECONOMICS IHA Complete the following table by calculating the required values (for % mark…

A: Use the below formulas: *Fixed cost remains the same irrespective of output.*Variable cost = Total…

Q: et opened a candy store. He rented a building for $30,000 a year. During the first year of…

A: Total Revenue = $135,000Explicit Costs = Rent on building +Salary to employees + Utilities +…

Q: unds of carrots. You spent $1.50 per pound on fertilizer and used 2 pounds of fertilizer. Planting…

A: Given: Production of carrots=436 pounds Cost of fertiliser= $1.50 per pound Quantity of fertiliser=2…

Q: The concept of opportunity cost is that the economic cost of using a factor of production is the…

A: An opportunity cost shows the possible gains that a person, buyer, or organization lacks by…

Q: 5. Your aunt is thinking about opening a hardware store. She estimates that it would cost $500 000…

A: a.Opportunity cost is the value of the next best alternative that we foregone while making a…

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity cost refers to the value of something that must be given up in order to get the other…

Q: Harvey quit his job at State University, where he earned $45,000 a year. He figures his…

A: Given; Harvey's salary from job= $45000 His entrepreneurial income= $5000 Bonds he cashed in, to…

Q: John owns a computer repair shop and he owns the building where his shop is located. If he closed…

A: The term “opportunity cost” is defined as the value of the next best alternative foregone. It…

Q: For each of the following situations involving marginal cost (MC) and marginal benefit (MB),…

A:

Q: Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of…

A: Marginal expense alludes to the expansion or decrease in the expense of producing another unit or…

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Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…

A: Opportunity cost is the next best alternative forgone. If I aim to view a cricket match, my…

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A: The fixed cost is the cost that remains fixed at all levels of output in the economy. The total…

Q: Pat used to work as an aerobics instructor at the local gym earning $35,000 a year. Pat quit that…

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Q: Opportunity cost refers to  A) explicit costs+ implicit costs

A: The total amount of money used in producing goods & services and including labor, time and…

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: Opportunity costs represent the potential benefits a personal, investor, or business misses out on…