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- Explanation and examples about (Principle two of economic): The cost of something is what you give up to get it : a-Opportunity cost B-People face trade-offsMarginal Analysis -Definition - Explanation of the topic - Give examples - Give rules if any - Graph itfill in missing word The _______ economy is a way of organizing activity based on returning all resources involved in the production of goods and services back into productive used with the goal of eliminating waste and reducing material inputs.
- What are the risks of focusing on sunk costs and ignoring opportunity costs? Describe some examples in business or everyday life where you have seen or personally been tripped up by not fully understanding sunk and opportunity costs?_____ are the costs of an item in terms of dollar amount. Non-monetary costs Production costs Monetary costs Opportunity costsSelect choices which are true about Total Costs. (Select all that apply.) Question 38 options: Total Variable Cost plus Total Fixed Cost always horizontal Average Total Cost times Quantity (Average Variable Cost plus Average Fixed Cost) times Quantity always decreases as Quantity increases always increases as Quantity increases
- Q)What type of cost is the tuition paid for college credit after the census date when a refund is no longer possible? Marginal Cost Opportunity Cost Sunk Cost Total CostWhat does fixed cost refer to in economics? a) Costs that vary with the level of production b) Costs that remain constant regardless of production level c) Variable expenses incurred in production d) Opportunity costs of productionAllocative efficiency means that a the marginal benefit of the product exceeds its marginal cost. b the product is sold at a price equal to the average cost of producing it. c society's scarce resources are used to produce products that align with consumer preferences. d the product is produced at the lowest unit-cost possible.
- Lashed is a college student and lives off a budget of $100/week. She spends all of it on Chipotle meals and/or Starbucks. Her Chipotle meal costs her $10 and her Starbucks bucks drink costs her $6. Calculate the opportunity costs of one of her Starbucks drinks in terms of Chipotle meals. Write your answer as a whole number or using decimals. For instance, 2, 3, 0.4, 0.8, 1.5, etc.Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be measured) and also implicit costs. Then provide an example of an opportunity cost a whole country experiences when society or the government has made a choice.The 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.
