Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. What is Maria’s opportunity cost of reading 100 pages of sociology?

Q: Production Possibilities Frontier         Points   Number of Bagels   Number of Shirts…

A: Opportunity Cost means when an individual chooses one alternative then he must be losing something…

Q: You got a leaf blower for free at a yard sale. You are thinking of using it to clean leaves in your…

A: opportunity cost is the cost of loss of one opportunity to choose the other alternative. In other…

Q: define a production possibility curve and use such a curve to illustrate scarcity,choice and…

A: The resources in any economy are limited while the wants are unlimited. The subject of economics…

Q: Use the given production possibilities curve (PPC) to answer the following question. A city…

A: Production Possibilities Frontier (PPF) is a graph that shows all of the potential output…

Q: Barbara and Antoni each work 8 hours a day producing lemonade and pizza. In eight hours, Antoni can…

A: The following graph represents the PPF of Antoni and Barbara;

Q: Justin's farm can produce 5 pounds of apples or 17 pounds of pears in one hour. Samantha's farm can…

A: Opportunity costs basically refers to the the potential advantages that a person, investment, or…

Q: Suppose two nations, Beta and Gamma, each make aircraft and corn. The main resource in each nation…

A: Opportunity costs address the potential benefits that an individual, monetary patron/financial…

Q: Which of the following is NOT an illustration of the notion of opportunity cost         A.…

A: Scarcity is a very important concept in economics which explains why consumers and producers have to…

Q: You have the evening free. You have a choice between going to a concert with a friend or studying…

A: The opportunity cost is called the next best alternative that is given up. In other words, the…

Q: Graph 3: Draw a production possibilities model and using your own numbers, explain the concept of…

A: The production possibility curve shows different combinations of output that can be produced by…

Q: a. What is Paulie's opportunity cost of producing a cup of ice cream? Paulie's opportunity cost:…

A: Paulie's opportunity cost of ice cream = 17/3 = 5.67 t-shirts

Q: 3. Opportunity Cost Poornima and Valerie are roommates. They spend most of their time studying (of…

A: Since, Poornima takes 5 hours to brew a gallon of root beer and 3 hours to make a pizza Valerie…

Q: Latasha can read 30 pages of economics in an hour. She can also read 20 pages of sociology in an…

A: Opportunity cost is the cost of next best alternative that is available. Given- Latasha can read 30…

Q: opportunity costs t each tood tem for both Carolyn and Jen Carolyn, the opportunity cost of a…

A: DISCLAIMER “Since you have asked multipart questions, we will solve the first three sub-part…

Q: Amy and Bill are fixing up their house by painting walls and installing electrical outlets.…

A: The opportunity cost is the cost of the next best alternative foregone. Here the opportunity cost is…

Q: -A and Farm-B grow the following amounts of potatoes and cabbage in their farms: Farm-A takes one…

A: Opportunity cost is the next best alternative forgone or output forgone to produce more of other…

Q: 3. Efficiency in the production possibilities model Suppose South Africa produces only two goods:…

A: Production possibility frontier shows the possible combination of two goods which can be produced…

Q: If the price of books were to increase, then the opportunity cost of books will Books 20 and the…

A: Opportunity cost is done without an advantage that would have been gotten from a choice not picked.…

Q: Firm X have 1200 labor, to producer one unit Cheese its required 5 unit labor and to produce one…

A: 1. With 1200 units of labor, the firm X can produce either : 1200/5 units of Cheese, or 1200/10…

Q: Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of…

A: The opportunity cost of producing one unit of good X is a sacrifice of the production of good Y.…

Q: Country B grows both roses and apples. The following graphs shows the production possibilities…

A: Production Possibility Frontier  Possibility of manufacture The Production Possibility Curve is…

Q: ased on the graph, what is the opportunity cost of moving from point B to point D? Baseballs 200 150…

A: Opportunity cost measures how much we have to sacrifice one resource in order to get additional of…

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

A: opportunity cost is the forgone benefit that would have been derived from an option not chosen. To…

Q: An economy can either produce 300 airplanes and 25000 cars OR 200 airplanes and 40000 cars. What is…

A: The opportunity cost represents the next best alternative use of the resource or the potential…

Q: Does this production possibilities curve show increasing opportunity costs? Explain

A: The curve that depicts the combination of goods that could be produced using the resources being…

Q: Draw and explain a production possibilities frontier for an economy that produces milk and cookies.…

A: The production possibility frontier (PPF) refers to the maximum possible combinations of output of…

Q: Based on the graph below , the opportunity cost of producing at point C instead of A is…

A: Production possibilities curve shows different combinations of two goods that can be produced with…

Q: Sam can brew 5 gallons of root beer in an hour or he can make 4 pizzas in an hour. Ben can brew 7…

A: The opportunity cost is the revenue of the next best alternative that is foregone while making the…

Q: Discuss three examples of important trade-offs that you face in your life. Discuss the items you…

A: Three examples of trade-offs facing in life are as follows: A trade-off between starting a job or…

Q: The economy consists of two people-Ragnar and Lagertha. Each has 8 hours in a day to allocate…

A: Lagertha -  13 fish = 2 swords  Opportunity cost of 1 fish = 2/13  = 0.15 swords   Ragnar -  10 fish…

Q: The opportunity cost of moving from point E to point B in the picture is what ?

A: The principle of comparative advantage is developed by David Ricardo and according to this concept,…

Q: Opportunity cost is whatever you give up to get something. What is the opportunity cost of staying…

A: Answer: Opportunity cost: The opportunity cost of an action refers to what people give up to do that…

Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…

A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…

Q: What is the opportunity cost of 100 shirts?

A: Opportunity cost is the option foregone in order to produce something.

Q: Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or…

A: Production possibility curve is a graphical representation which shows possible combinations of two…

Q: Suppose that there are 10 million workers in Canada and that each of these workers can produce…

A: Opportunity Cost is the cost of foregone alternative. Opportunity Cost = What one Sacrifices / What…

Q: Suppose that Paulie and Vinny each can produce ice cream or t-shirts. The table shows the quantity…

A: The opportunity cost s the money value of the next best alternative that is foregone while making…

Q: Beth can read 30 pages of astronomy in an hour. She can also read 20 pages of sociology in an hour.…

A: A production possibility frontier(PPF) is a curve which shows various combinations of amounts of two…

Q: Joel can prepare 8 meals or wash 24 shirts in a day, Patricia can prepare 6 meals or wash 12 shirts…

A: The opportunity cost is the cost of next best alternative forgone while making choice. In other…

Q: Marlene and Mya both work as artists. Marlene can produce 3 small sculptures each day or 30…

A: The opportunity cost is the benefit that would have been obtained if a different option had been…

Q: explain a production possibilities frontier for an economy that produces cheese and milk. What…

A: Production possibility frontier shows the combination of two goods that can be produced with the…

Q: What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket…

A: Answer: Correct option: (3) Explanation of correct option: Opportunity cost = It refers to the cost…