What is sweetens opportunity cost of manufacturing 1 million cars per year?

Q: Explain the following economic concepts with a PPF a) Scarcity b) Economic Inefficiency c)…

A: The production possibility curve shows the combination of two goods that the economy can produce…

Q: Use your own example to explain the reason why, in the real world, business firms and societies face…

A: Opportunity cost is calculated as what is sacrificed divided by what is gained. The law of…

Q: Using the concept of production possibility curve, explain how it can be used to  show the…

A: Production possibility curve is a frontier which shows combinations of two goods which an economy or…

Q: A point inside a production possibilities frontier?

A: Production Possibility Frontier: It refers to the graphical representation of various possible…

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: What does the principle of increasing marginal opportunity costs mean

A: Opportunity cost represents the financial cost of the economy regarding a business in making…

Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

Q: Productivity Table     Soup per unit of labor Swords per unit of labor Wesley 30 25 Fezzik 10 30…

A: The opportunity cost refers to the given up benefits to obtain some other benefits.

Q: Define opportunity cost in three (3) words/phrases and explain why

A: Opportunity cost is forgone best alternative choice.

Q: What is economic

A: Economic is divided into two major discipline that is microeconomics and macroeconomics. Here,…

Q: explain na link between scarcity and opportunity cost

A: Scarcity refers to the limited availability of scarce resources than the required level. Opportunity…

Q: What is Bill's opportunity cost for a pound of berries? Enter a value without commas, symbols or…

A: Opportunity cost in general terms can be understood as the benefits of a good or commodity lost due…

Q: Although attending college is expensive, time-consuming, and requires effort, but people decide to…

A: According to the ration consumer theory, when the marginal benefit (MB) gained from consuming…

Q: Considering yourself to be a Capitalist Economist, how would you answer the basic economic questions…

A: Capitalist economy: It is an economic framework where private people or organizations own capital…

Q: The graph below shows the production possibilities of country Scopia which can produce only Give…

A: The given production possibility curve shows the production of tablets and books in country S. When…

Q: Tom's opportunity cost of mowing lawns in terms of trimming bushes is trimmed bushes per mowed lawn.…

A: Tom's PPF is a straight line. PPF is a straight line because the opportunity cost is constant.   If…

Q: Use a production possibilities frontier to describe the idea of "efficiency"?

A: Production is efficient if it is produced at production possibility curve.

Q: s this an example of opportunity cost? “To begin, I began selling prints of my pictures in 2019…

A: The cost or value of the next alternative which is best being given up is known as the cost of…

Q: From Opportunity cost point of view. Although attending college is expensive, time-consuming, and…

A: Opportunity cost is defined as the benefits an individual, business, or investor forgoes when he/she…

Q: Using your own words, describe the law of increasing opportunity costs.  Be sure to explain why this…

A: Opportunity cost is the given-up quantities of one good for the additional unit of the other…

Q: imothy quits his job, which pays him $96600 a year to enroll in a 4 years graduate program. His…

A: Opportunity cost (OC) is the forgone benefit that will have been derived by an option not chosen .OC…

Q: if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what  is…

A: Opportunity cost refers to the cost of the next-best alternative foregone while making a decision.…

Q: In a world of scarcity, it is impossible to: A. Satisfy all basic human needs B. Meet all of…

A: Scarcity: It means limited availability of goods and services.

Q: Stromboli's 2018 Production Possibilities Pizzas per Year Pizza Ovens per Year 75,000,000 60,000,000…

A: PPC(production possibility curve) shows us the different combination of two goods( here, pizza and…

Q: opportunity cost of 1

A: The ‘comparative advantage’ states that the country trade with each other with that good in which…

Q: Graphically show the production possibilities frontier for the nation of Stromboli, using the data…

A: 1) Given below is the PPC of Stromboli, which shows the combination of two goods being produced ie…

Q: What’s the difference between trade off and opportunity costs

A: As we know that human wants are limited but means to satisfy these wants are limited. A person has…

Q: How can scarcity of resources be a problem to society

A: Scarcity happens when the availability of resources is less than demand of society. Thus, society…

Q: ny units of X can be produced whe s are utilized in its production

A: Since you have asked multiple questions we will answer the first one for you. When only two goods…

Q: The following graph is the production possibilities curve of a nation. 10 B 9. 7 6. 4 3 2 1 E 1 2 3…

A: The potential benefits that a person, an investor, or a corporation misses out on when they choose…

Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you

A: According to the given question opportunity cost is simple words we can say that it is the cost of…

Q: The slope of the production possibilities frontier is called

A: Production possibility frontier shows the combinations of output that the economy can possibly…

Q: The input factors of production include Land, Labor, Capital, Technology, and Entrepreneurial…

A:

Q: Banana Orange 400 300 200 200 350 100 450 500 •what is the opportunity cost of increasing the…

A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…

Q: The boundary between the combinations of goods and services that can be produced and the…

A: Economics is a discipline that includes all the components present in the economy and has some of…

Q: Discuss the factors of production and how it can be accessed.

A: Factors of production are important for carrying out business activities and for overall economic…

Q: When an economist say a resource is free what does it mean

A: Free Resources A resource that can be used to manufacture consumer-satisfying products and services…

Q: The United States is one of the world's wealthiest countries. Think of a recent case in which the…

A: As the provisions of the oil and gaseous petrol are reducing in the U.S. economy which prompts…

Q: What is the opportunity cost of beer as production moves from point C to Point A?.

A: Opportunity cost in PPC is the marginal rate of transformation. MRT= Loss/Gain MRT from point C to…

Q: What is meant by micro economics?

A: People consume goods and services to satisfy human wants. People have to choose because resources…

Q: Andrew and Beth can each spend 10 hours a day making bread or making shoes. Andrew makes 2 shoes an…

A: Andrew and Beth can each spend 10 hours a day making bread or making shoes. Andrew makes 2 shoes an…

Q: What is opportunity cost in both terms tangible and intangible. Explain with the help of examples?

A: The limited availability of a resource or good against a theoretically unlimited requirement is…

Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…

A: The benefit which is forgone that would, in turn, had been derived through an option not being…

Q: In a small town, there's a mousepad factory which employs workers at $8 an hour, for forty-hour…

A: Opportunity cost is the cost of loosing one opportunity for gaining the best other one or we can say…

Q: 1. Economic Efficiency 2. Economic System

A: 1. Economic efficiency shows equilibrium between misfortune and advantage. Model scenario: A rancher…