When a student chooses to take an exam instead of skipping it for a hunting trip, what is the student's opportunity cost of taking the exam? a) the hunting trip the student will miss b) the student's increased chance of graduating in four years
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Q: opportunity cost
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A: Opportunity cost: Opportunity Cost is the benefit and costs associated with choosing one action…
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- Goal Alignment between Airlines and Flight Crews Planes frequently push back from the gate on time, but then wait 2 feet away from the gate until it is time to queue up for take-off. This increases fuel consumption, and increases the time that passengers must sit in a cramped plane awaiting take-off. Why does this happen?You have just woken up and are trying to decide whether to attend an upcoming lecture. The following are the costs and benefits you are considering. Tuition is $7,000 per semester; Books are $500 per semester; Driving to class is $10; Wages earned if you went to work instead are $35; How much you value an extra hour of sleep = $25; The cost of tuition and books ___________ be included in your calculations because they are an example of ________________ costs. Group of answer choices A)should not; sunk B)should; sunK C)should; marginal D)should not; marginal E)should; opportunityEvery decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 - $80 = $20. Please delve into the statement there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.
- ____________The opportunity cost of an economic decision is: the best alternative that was sacrificed. the amount of money needed to implement the decision. any land, labor, and capital that are wasted. all options that were lost due to scarcity.A U.S. emergency relief agency is considering sending a team of experts to another country to treat a severely contagious disease outbreak. Each team costs $100,000 for this one-week-long job. The agency estimates effectiveness as follows: 0 teams = 1000 deaths;1 team = 500 deaths;2 teams = 250 deaths,3 teams = 50 deaths;4 teams = 50 deaths Number of Teams Number of Deaths 0 1,000 1 500 2 250 3 50 4 50 If the Agency is considering sending 3 teams vs. 2 teams, what is the marginal cost (in dollar terms) of sending the third team? If saving a life is valued at $200,000 then the optimal number of teams to send is _____.If pigs can fly, then Ugly Betty will win a beauty contest. Pigs cannot fly. Therefore, Ugly Betty will not win a beauty contest, even though I really think she should. Options a. Inductive, weak. b. Inductive, strong. c. Deductive, valid. d. Deductive, invalid. e. Deductive, sound.
- Which of the following is an example of an implicit cost associated with an action? - the cost of materials in undertaking a new renovation on your home -the hourly wage you could be earning instead of enjoying your leisure time -the tuition fee that a student pays for a term of college -the time a parent can't spend with their children because they are working there could be more then one correct choiceIn economics, what is the term for the highest-valued alternative that must be sacrificed when making a decision? A. Marginal cost B. Opportunity cost C. Sunk cost D. Average costRamon and Sammy are working on a group homework assignment. The homework consists of a set of essay questions and a set of questions on graphing models. Ramon can finish an essay question in about 15 minutes and a graphing question in about 30 minutes. Sammy can finish an essay question in about 20 minutes and a graphing question in about 35 minutes. Assume that Ramon and Sammy produce the same quality answers. Calculate Ramon and Sammy's opportunity cost of each task. Please round each answer to the nearest tenth. a. Ramon’s opportunity cost of completing an essay question: _____graphing questions b. Ramon’s opportunity cost of completing a graphing question: _________essay questions c. Sammy’s opportunity cost of completing an essay question: _________graphing questions d. Sammy’s opportunity cost of completing a graphing question: _________essay questions e. If the two want to specialize in working on…
- Is this example also an example of economically rational decision making? “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily closed. During this time I had the option of shipping my prints through USPS or UPS. I decided to ship my prints through USPS instead of UPS since it was a bit expensive at the time. My prints that were shipped out from USPS arrived in time and came in good condition. The opportunity cost is the cost of UPS shipping.”Someone gives up going to see a movie to study for a test in order to get a good grade. The opportunity cost is the cost of the movie and the enjoyment of seeing it.Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.