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- Fill in the blank Opportunity cost is the equivalent of ( ) costResources are scarce because which of the following are limited: Question 10 options: A) labor, capital, technology, and entrepreneurship B) labor, capital, stocks, bonds C) land, labor, technology, and money. D) land, labor, capital, and entrepreneurshipA firm has two workers, Paula and Carlos. Paula can counsel 11 clients per working day, or write 2 memos per working day. Carlos can counsel 5 clients per working day, or write 3 memos per working day. Carlos's opportunity cost of writing one memo is
- Bobby has been recently hired to work on a highway construction crew for the summer. The work is hard, but the pay is great at a time when jobs are hard to come by. One day, the foreman told Bobby to slow down. "You're working too hard." This crew is used to taking it easy. "At this rate, you'll be out of a job because once we're done with this project, you're finished! Work slower - you'll last a lot longer." Bobby is convinced that this practice is dishonest to the company and to the taxpayers who are paying for the highway work. But he needs the job to meet his school expenses. What would you do if you were Bobby?Give 5 Different ways or steps to maximize limited resources. (applied economics)What is the per-unit opportunity cost of product Y as production moves from point D to point A?
- The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $4.5 million. If it would cost $3 million to finish development and make the product, should you go ahead and do so?The most you should pay to complete development is how many dollars?Bobby has been recently hired to work on a highway construction crew for the summer. The work is hard, but the pay is great at a time when jobs are hard to come by. One day, the foreman told Bobby to slow down. "You're working too hard." This crew is used to taking it easy. "At this rate, you'll out yourself out of job because once we're done with this project, you're finished! Work slower - you'll last a lot longer." Bobby is convinced that this practice is dishonest to the company and to the taxpayers who are paying for the highway work. But he needs the job to meet his school expense. What would you do if you were Bobby? PLEASE ANSWER IN FIVE SENTENCESThe opportunity cost of a transaction is the profit you must give up to pursue it. What are two examples from the business world that illustrate this truth? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- I have always asked questions like that. Those questions related!! I can't ask them separatly. I won't make senseThe capital earns an interest return on investment in the structure of production because A. Otherwise, he would simply loan his money out at interest rather than invest it B. The capital goods he invests in are productive C. He assumes the burden of waiting for income by advancing money to workers before the sale of the product on the market D. He alone bears the risk of loss if the investment is not successfulExplain why using opportunity cost as a measure of the “cost” of something is better than using a money value to an economist.