Mr. Khalil has 200 OMR; he wants to purchase a TV and washing machine that costs 200 OMR each. He preferred to buy a TV. Which of the following does the opportunity cost? a. Washing Machine b. Both TV and washing machine C. TV d. Mobile phone
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- econ terms-- somebody pls check these out and tell me if I did it right! thanksTimothy quits his job that pays $60,000 a year, to enrollin a 2 year graduate programme. His anual shool expenses are $60,000 fir tuition, $8000 for books and $1400 for food. What is his opportunity cost for attending the programme?uppose you have $1000 to spend on shirts and sweaters. The price of a shirt is $10, and the price of a sweater is $50. a. The opportunity cost of buying 1 sweater = ? shirts b. The opportunity cost of buying 1 shirt = ? sweaters
- First I should think about my opportunity costs. Question: If I want to catch 1 more fish, what does this cost me in terms of bottles of water? What I think: Is the opportunity cost of one more fish 1/2 bottle of water??John has $100 to spend and wants to purchase either a pair of trousers or a T-shirt. He can only purchase one of the two as each of the items cost exactly $100. If he chooses to buy a T-shirt, what is the opportunity cost of buying the T- shirt? A. the cost of the T-shirt the B. T-shirt and the pair of trousers C. $200 D. the alternative forgone (the pair of trousers that he could not buy)A person makes sandwiches at home for five hours each day. She makes 20 sandwiches per hour, and she sells each sandwich for $2 each. What is the opportunity cost if she takes a holiday on a working day? A $2 B $40 C 20 sandwiches D 100 sandwiches
- a) What are the factors you consider to figure out the opportunity cost of a vacation to Gorakh Hill StationFrom the Microeconomices, regarding to the MRS, how they work out for Ux and Uy? For example: U(x,y)=xy/x+y.Thank youIn a circular flow diagram which one of the follwing transactions happens in the market for goods and services and which one in the market for factors of production? A.) Selena pays a storekeeper $2 for a quart of milk- D.) Salma earns $1000 dividend from the stocks she has-
- A) Calculate the opportunity cost of :- Increasing production of food from 20 to 30 million units.- Increasing production of clothing from 22 to 60 million units B) The country wants to produce 85 million units of food and 40 million units of clothing. Is this possible? What point is this called? C) State TWO (2) ways how they can achieve this point (B) in the future. D) If the country decides to produce 5 million units of food and 50 million units of clothing, what is this point called?1. Scarcity means that resources are: a. Unlimited b. Under severe restrictions c. Fewer people want them d. Less able to be fulfills 2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is a. Can of drink b. Can of drink and packet of crisps c. Packet of crisps d. Chocolate bar 3. For future development of the economy, sustainable growth is important a. True b. False 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control…ASAP!! ANSWER PLEASE Suppose there are only two commodities that can produced in an economy, computers and cycles. If the producer decides to produce one more cycle then why does it cost more to produce the second cycle than to produce the first one, assuming that the cycles are identical? Elaborate your answer using the concept of Production Possibility curve