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A: Opportunity cost refers to the given up benefits to obtain some other benefits. That is the value of…
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A: The opportunity cost is the next best alternate or the next best alternate that is given up.
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A: The opportunity cost can be defined as the cost of one option when another option is choosen.
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- Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is A) the Mountain Dew. B)the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. C) zero because he enjoys the Mountain Dew. D) the Pepsi and the bag of chips. E) the Pepsi because it is a drink, as is the Mountain Dew.It’s Friday night. You already have a ticket to aconcert, which cost you $30. A friend invites youto go out for a game of paintball instead. Admission would cost you $25, and you think you’d get$25 worth of enjoyment out of it. Your concertticket is nonrefundable. What is your opportunitycost (in dollars) of playing paintball?choose the corrrect answer: Question: This specifies that an action that could benefit more people and more subject should be achieved for the certain scenario. A. Common Good B. Greater/Greatest Good
- Is it the possible for a person incur an opportunity cost without spending money?In a single day, Maxistan can produce 8 cheesecakes or 10 prime ribs. In a single day, Elistan can produce 10 cheesecakes or 10 prime ribs. Who has absolute advantage in producing what good? Answer Must Be In " Giuseppe Format " i.eHtnnt format ... With explainationTrue/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs are roughly the same for everyone who attends college
- Studying has both costs and benefits. If you continue tostudy (e.g., for a test) for as long as the marginal benefitsof studying are greater than the marginal costs, and youstop studying when the two are equal, will your actionbe consistent with having maximized the net benefits ofstudying? Explain your answer.Evidence accumulates that the use of fertilizers, which increases agricultural production greatly, damages water quality. Explain in words how you would draw a production possibility curve to depict this (i.e. which good should be placed on each axis) and why your curve would have a particular shape.2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandp
- Rob decided to drive to school rather than take the school bus. What was the opportunity cost of Rob’s decision?The price of a cup of coffee is $2.00. Alternatively you could spend your money on granola bars which are $0.50. What is the opportunity cost of purchasing coffee? A.) Health risks from drinking coffee B.) The tea you could have drank instead C.) 4 granola bars D.) 2 dollarsa) Describe an important trade-off you recently faced. b) Define opportunity cost and give an example of some action that has both a monetary and nonmonetary opportunity cost. c) Describe an incentive your parents offered to you in an effort to influence your behavior.