Q: Create a situation where you select one of two different items, both are WANTS. Describe the item’s…
A: Answer: Suppose there are two alternatives where I can spend 10 dollars and both options cost 10…
Q: What is the term for something lost when an economic choice is made? captial Relative cost Tarriff…
A: The economics is study of scarce resources and its alternative uses. The problem of allocation…
Q: What is opportunity cost?
A: "In economics, cost refers to the value of money that is spent in order to produce a good." Costs…
Q: An opportunity cost is the cost of
A: Formula for Opportunity Cost (OC): OC = Total Revenue (TR) - Economic Profit (EP)
Q: Give an example of some action that has both a monetary and nonmonetary opportunity cost.
A: Opportunity cost is a central principle of economics, which means people face tradeoffs in life. And…
Q: Are options b through h correct or incorrect?
A: The question is asking about the possible reasons for which imports can be limited. Different…
Q: Time is an important resource in our everyday life. Each day has 24 hours within which all…
A: The problem of Economics is centered around the basic idea of allocating resources efficiently that…
Q: What does the principle of increasing marginal opportunity costs mean
A: Opportunity cost represents the financial cost of the economy regarding a business in making…
Q: How is willingness to pay determined by opportunity cost?
A: Opportunity cost refers to the cost by which an individual uses something and sacrifices the other…
Q: What is opportunity cost and how can this concept be applied in real life?
A: In economics, opportunity cost is an important concept to study as it has significance in making…
Q: What is opportunity cost? Explain the Law of Increasing Opportunity Costs with a numerical table and…
A: The opportunity cost of a good is what you give up to get that item. The opportunity cost is the…
Q: Explain a situation where you had to make a choice given different options due to limited resources?
A: The situation narrated in the question which involves making a choice given different choices and…
Q: Which of the following statements is correct?
A: c) A company must use LIFO for financial reporting if it uses it for tax purposes.
Q: Which of the following is illustrated by a production possibilities curve that is "bowed out" or…
A: The production possibility curve can be understood as a model that shows the trade-off in which we…
Q: Are options b through e correct or incorrect?
A: A price ceiling is the commanded most extreme amount a dealer is permitted to charge for a product.…
Q: Is there a pattern in opportunity cost changes?
A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…
Q: According to Richard Thaler, economics is the sum of two parts. One is Optimization. What is the…
A: Richard Thaler was an American economist who won the Nobel Prize in Economics in 2017 for his…
Q: Suppose I am sitting in a football stadium watching my team win a game by a lot of points late in…
A: Opportunity cost is the sacrifice of benefit that is received from the next best alternative that is…
Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…
A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.
Q: What implication does resource scarcity have for the satisfaction of wants?
A: To find : What do resource scarcity fo for satisfaction.
Q: what are the opportunity cost in the following questions: a. buying a high-priced flat screen TV…
A: In economics, opportunity cost implies foregone income of an individual or firm when they decide to…
Q: Difference between opportunity cost and money cost
A: In economics, cost is the monetary value of material resources, time and effort expended, and risks…
Q: The cost of a trade-off is known as the of that decision. a. opportunity cost b. marginal cost C.…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: What are Opportunity Costs? How is it different from Cost Benefits? (2 PAGES)
A: A producer's expenditure on factor and non-factor inputs for a specific amount of production of a…
Q: what is the difference between the concept of trade off and opportunity cost?
A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…
Q: Is the opportunity cost of an action a subjective evaluation?
A: Subjective evaluation refers to the judgment based on personal beliefs and opinions. According to…
Q: Is it possible for a person to incur an opportunity cost without spending any money? Explain
A: Scarcity of resources is one of the central problems in economics. Scarcity refers to the limited…
Q: Q1: What is opportunity cost? Q2: Explain with example.
A: Opportunity cost is also known as displacement cost.
Q: Which of the following decisions is least likely to be well-explained by marginal analysis? O…
A: Marginal analysis is an analysis that helps to explain the effect of using an additional unit. This…
Q: How can opportunity cost affect behavior?
A: The opportunity cost of any activity is the benefit from the next best alternative foregone to…
Q: What is a good way to calculate opportunity cost?
A: Opportunity costs is the next best alternative. It is what you give up when you choose one from the…
Q: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…
A: The total cost incurred will be the summation of the price of the dress and the opportunity cost of…
Q: In Economics SRP means Group of answer choices a. firms can change some factors of…
A: SRP Short Run Period
Q: Define the term opportunity cost?
A: The opportunity cost is the cost which is incurred by not enjoying the benefits related to the next…
Q: When a ticket is given to a pedestrian for jaywalking, what type of incentive exists? Select one: a.…
A: In economics, there are different types of incentives associated with a specific situation such as…
Q: Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers…
A: Given pieces of information: Previous price of bus tickets = 0.5 New price of bus tickets = 1…
Q: what first sink in your mind when we call applied economics
A: In an economy, the study of economics is further classified into parts such as public economics,…
Q: Auto Bull's-Eye offers a 10-minute oil change and 30-minute brake check. There are two…
A: The production possibility curve shows the different combinations of two goods that an economy or…
Q: Opportunity cost can be measured as the: Select one: a. Increase in the quantity produced of one…
A: Production possibility frontier depicts the combination of two goods that a nation can produce by…
Q: Is it the possible for a person incur an opportunity cost without spending money?
A: Opportunity cost refers to the resources that are given up to produce some other good. Yes, it is…
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- Football weights The Sears Cup was established in 1993to honor institutions that maintain a broad-based athleticprogram, achieving success in many sports, both men’sand women’s. Since its Division III inception in 1995, thecup has been won by Williams College in every yearexcept one. Their football team has a 85.3% winningrecord under their current coach. Why does the footballteam win so much? Is it because they’re heavier thantheir opponents? The table shows the average teamweights for selected years from 1973 to 1993.a) Fit a straight line to the relationship between Weightand Year.b) Does a straight line seem reasonable?c) Predict the average weight of the team for the year2003. Does this seem reasonable?d) What about the prediction for the year 2103? Explain.e) What about the prediction for the year 3003? Explain. Year Weight (lb) Year Weight (lb)1973 185.5 1983 192.01975 182.4 1987 196.91977 182.1 1989 202.91979 191.1 1991 206.01981 189.4 1993 198.7Question 2 Discuss the current situation of poverty level and income distribution in Malaysia. (Hint: How to determine people are living on poverty? What is the measurement of poverty and equal income distribution in Malaysia? Support with related data and statistics on its improvement. The association between poverty and agriculture sector is always been discussed by the policy maker. Discuss on the issue. (Hint: find related data and policy on agriculture that has been implemented by government of Malaysia to overcome this issue.)Question 2: Empirical research in various countries creates so many problems for the researchers. Describe these problems that are generally encountered during such type of research.
- USE FIGURE #1: The number of logging firms increases. Which of the figures above best illustrates this change? Group of answer choices Figure A or Figure D Figure A Figure D Figure C Figure BPlease see question bellow and 1st answer. Please help with the 2nd part of the question. What kind of incentives would help with the problem? The black rhino is one of the most endangered species on the planet. In southern Africa in 1970 there were 65,000 Black Rhinos. Now there are only 2,500. Basic economics tells us why they are in trouble and what we can try to do about it. Why do people kill the black rhino? Because they can make a lot of money relative to the risk of getting caught - just like drug trafficking and lying on your taxes. In Asian communities the horn is viewed as an aphrodisiac and a powerful pain reliever. In Yemen sabers are made from them. As a result one horn can fetch $30K on the black market. The average yearly income in southern Africa is $1,000 and falling. The black rhino is worth more dead than alive. This is a market that does not correct itself. Another piece of this, that is common to many environmental challenges, is that most black rhinos are…20 The opportunity cost of receiving $100 next year as opposed to getting $100 today is: the foregone interest that could be earned if you had the money today. the taxes paid on any earnings. the value of $100 relative to the total income of that person. the value of $100 relative to the total income of all persons.
- Question 26 Consider two ways to reduce pollution--establishment of taxes on the pollution or the sale of permits to polluters. Which of the following best describes the outcome? a Both methods can result in the same reduction of pollution, but the permits may achieve that goal with lower administrative costs. b Both methods can result in the same reduction of pollution, but the permits may achieve that goal with higher administrative costs. c The permits will allow more pollution, but both methods will have the same administrative costs. d Both methods can result in the same reduction of pollution and the same adminstrative costs.Question 1 Imagine we live in a world with two types of skill sets: people with high ability and people with low ability. A diploma will cost a high ability person about 8K and will cost a low ability person about 20K. Businesses use education as a screening tool and they intend to pay 25k to workers without a diploma and $X to those with a diploma. In what range must X be to make this an effective screening tool? Your answer will include a set of equations showing the dollar range for both low ability and high ability people.Economics Question Suppose , unfortunately , your mathematics and economics professors have decided to give tests two days from now and you can spend a total of only twelve hours studying for both exams . After some thought , you conclude that dividing your study time equally between each subject will give you an expected grade of C in each course . For each additional three hours of study time for one of the subjects , your grade will increase one letter for that subject , and your grade will fall one letter for the other subject . a . Construct a table for the production possibilities and corresponding number of hours of study in this case .
- 1) John is operating an internation business in the United Stateds of American and is focused on the limitation or short-term impact of an issue. It can be said that John has a ............. 2) The grestest good for the greatest number of persons is known as the ............... approach. 3) this theorgy states that a country's wealth was deternmined by the amount of its gold and silver holding. It is ...........?65- The least amount of money that a player will accept to play foe a team is called the player’s A- reservation wage B- marginal revenue product C- their average compensation D- their minimum wageGive typing answer with explanation and conclusion 19. The gang announces that it will pay $60,000 to those that complete the task, and $25,000 to those that don't. What is the net benefit of the initiation task to a Hustler? To a Wannabe? Does the initiation allow the gang to filter out Wannabes?