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T or F
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- Why does eveything we do have it's opportunity cost.2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandpYour former neighbor gave you his lawnmowerwhen he moved. You are thinking of using this giftto mow lawns in your neighborhood this summerfor extra cash. As you think about what to chargeyour neighbors and whether this idea is worthyour effort, what opportunity costs do you needto consider?
- What does it mean "the opportunity of one action"? Could you discuss with examples how the opportunity cost is important for people's live?Corn (lb) Scarves(#)U.S. 20 10Mexico 25 5 What is the opportunity cost of one scarf in Mexico? a. 3 lbs of corn b. 1/3 lb of corn c. 2 lbs of corn d. 5 lbs of corn PreviousNext(A) if the average North Korean farmer produces 1,800 of food per year, what is the opportunity cost, in pounds of food, of North Korea's army? (B) if a person needs at least 500 pounds of food per year to survive, how many people could have been fed with the forgone food output?
- Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?When do we use Opportunity-Cost Approach?a. What is the opportunity cost of producing the first smartphone (point a to b) in terms of the number of hotdogs sacrificed? The cost of the second smartphone (point b to c)? The cost of the third smartphone (point c to d)? b. Explain why PPF is a straight line and why sometimes it is bow-shaped? c. In what ways is your standard of living different from that of your parents or grandparents when they were your age? Why have these changes occurred?
- Draw and explain a productino possibilities frontier for an economy that produces milk and cookies. What happens to this frontier if disease kills half of the economy's cows?It's a positive or normative statement? explain?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?
