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- (h) sugar industry is a subject matter of micro economics. Give reason. (i) what do you mean by alternative uses of resources? (k) unemployment in India is a subject matter of microeconomics or macroeconomics, give reason.05. What is the per-unit opportunity cost of product Y as production moves from point D to point B? a) 6/7 b) -6/7 c) 7/6 d) -7/6Timothy quits his job, which pay $86000 a year, to enrol in a 3-year graduate program .His annual school expenses are $64900 for tuition, $8500 for books , and $13000 for food . What is his opportunity cost for attending the graduate program?
- Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual expenses are $62600 for the tuition , $8400 for books, and $3500 for food. What is the opportunity cost for attending the graduate programe? What core principles are considered in Timothy's decision making? (i) Scarcity, Choice and Opportunity Cost (ii) Cost benefit analysis (iii) Incentive principle (iv) Diminishing returnsOpportunity cost is the cost of next best foregone. Explain true or false.1.a. i. Using an appropriate diagram, explain how the production possibility frontier becomes a model of scarcity, choice and opportunity cost. ii. Explain the stages of production iii. Explain 10 relevance of the stages of production to a business operator.
- ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?Practice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1 shows the output per week of two people, James and Lucy. They can either devote their time to making wagons or making tricycles. What is Lucy's opportunity cost of making a wagon? Group of answer choices 1. 1 1/3 tricycles 2. 2 tricycles 3. 3/4 of a wagon 4. 3 wagons5 2. The following shows different technologies for producing 100 metres of cloth. Technology Number of workers Coal required (tonnes) A 4 2 B 1 6 C 3 7 D 5 5 a) Which technologies would not be chosen by firms? Explain. b) Of the remaining technologies, what determines the technology a firm would choose?
- A) What is Betty Lou’s opportunity cost for 60 Apple Pies (Use Figure 4 above)? B) What is Betty Lou’s opportunity cost for 10 Chocolate Layer Cakes (Use Figure 4 above)? C) What is Betty Lou’s opportunity cost for 1 Chocolate Layer Cake (Use Figure 4 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.Timothy quits his job which pays $59000 a year to enrol in a 3 year degree graduate program. His annual school expenses are $60300 for tuition, $9500 for books and $3000 for food, what is his opportunity cost of attending the graduate program?
