Urgent 7. (a) In your own words, write what opportunity cost means?(b) Write the opportunity cost of each decision;() Last year Farmer Smith planted 20 acres of corn and20 acres of soybeans on his 40-acre farm. This year heplanted 30 acres of corn and 10 acres of soybeans.(i) Mrs. Johnson wants to use her vacant building tooperate either a pizza restaurant or an insurance business.She decides to operate the pizza restaurant.Williams teaches 5th grade science. He has only oneweek left in the school year. He wants to teach a unit onwater resources and a unit on insects, but he does not(ii)have time to do both. He decides to teach the unit onwater.

Opportunity cost is the next best alternative foregone. It is the sacrifice given of next best…

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Business

Economics

Urgent

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter1: Ten Principles Of Economics

Section: Chapter Questions

Problem 1PA

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Concept explainers

Comparative Advantage and Absolute Advantage Analysis

The theory of absolute advantage was given by Adam Smith in the year 1776.

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Urgent

7. (a) In your own words, write what opportunity cost means?
(b) Write the opportunity cost of each decision;
() Last year Farmer Smith planted 20 acres of corn and
20 acres of soybeans on his 40-acre farm. This year he
planted 30 acres of corn and 10 acres of soybeans.
(i) Mrs. Johnson wants to use her vacant building to
operate either a pizza restaurant or an insurance business.
She decides to operate the pizza restaurant.
Williams teaches 5th grade science. He has only one
week left in the school year. He wants to teach a unit on
water resources and a unit on insects, but he does not
(ii)
have time to do both. He decides to teach the unit on
water.

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