Which of the following are examples of opportunity cost?  (please choose all the answers that are correct)     The income which could have been earned by an entrepreneur working fo     For a farmer choosing to work in the field or take the day off       The costs for the factors of production used to produce a given output     The leisure time sacrificed to work.     The work left undone when a vacation is taken

Q: Michelle owns an independent bookstore and has observed that college graduates read more than people…

A: Here Michelle is just trying to take some advantage of the situation by attracting them through…

Q: Which of the following is true of an economic theory? It uses complex mathematical equations to…

A: It is a bunch of principles and ideas which explains the functioning of the economy or various…

Q: Diamond is an organic brocolli farmer, but she also spends part of her day as a professional…

A: Diamond is an organic broccoli farmer. She is also a professional organizing consultant. Amount she…

Q: Which is not a factor of production? Money Land Labor Capital 2 A point outside the production…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: The concept of production possibility frontier explains that a. any point within the curve is a…

A: Production possibilities frontier or the PPF is a graphical representation of the combination of…

Q: Discuss one or more examples of an opportunity cost an accountant might not count as a cost.  As…

A: Opportunity costs represent forgone benefits from a next best alternative.

Q: The oversupply of bananas in Mexico, which is recorded in the months of September and October,…

A: The increase in income that occurs from the sale of one more unit of production is known as marginal…

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: Which of the following best captures the idea of the fundamental economic problem? Choose 1 answer:…

A: Scarcity is the condition of a limited supply of goods and raw material with unlimited demand.

Q: The optimal level of production is the level that either maximizes profits or minimizes losses. How…

A: Answer: An optimal level of production refers to that level of output where the profit is maximum or…

Q: Which of the following is the best example of "what goods and services should be produced?" the…

A: We know whether it is developed or underdeveloped countries each has to face the central problem…

Q: 1. In your decision to pursue an MBA degree, which of the following can be considered opportunity…

A: Opportunity cost is the benefit lost while making a different decision. You must compare the…

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: Explain each of the factors of production and provide examples of each. (need to be clear and…

A: Production refers to the process of combining various resources (material and immaterial inputs) in…

Q: Evaluate the following statement, ‘a computer systems engineer could paint his house, but it makes…

A: It is advisable to computer software engineer to hire a painter to paint his house rather than doing…

Q: Alternative ways of making 100 shirts a day are in the table below: Method Labor (hours) Capital…

A: An alternative method is said to be technologically(T) efficient if it is producing the maximum…

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

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: Which of the following indifference curve the slope of the production possibilities frontire? A,…

A: The production possibility curve, abbreviated as PPC, depicts various combinations of products that…

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: The following key concepts under the philosophy of production in Islamic economics are true EXCEPT,…

A: Production is an action to deal with natural substances into completed merchandise. To deal with raw…

Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: Some scholars have asserted that “human resource planning is not an important function to be…

A: Human capital or human resource is a crucial input that organizations employ. As opposed to…

Q: Suppose in Baku with total 300 minutes labour hours available the economy can only produce mangoes…

A: A production possibilities frontier shows the combination of two goods that an economy can produce…

Q: Billie's Billiard Barn has seen its business slow down ever since​ Patti's Ping Pong Parlour opened…

A: Opportunity cost means the value of the next alternative good/activity which is considered to be…

Q: Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as…

A: Mark's roommate takes 15 minutes to cook dinner and 10 minutes to wash the laundry.

Q: A- We have studied the production technology. Explain the concept with an example.

A: We will answer the first question since the exact one was not specified. Please submit a new…

Q: In economics, a discouraged worker is  a) any worker who has not received a pay raise in the last…

A: In an economy, the unregulated labor market labor determines the equilibrium wage rate of the…

Q: Economics Which of the following is an example of offshoring? Question 18 options:   D) Dell…

A: Offshoring: The term offshoring refers to the reallocation of business activity or process from one…

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: Economics cost includes both explicit costs and implicit costs i.e. opportunity costs.

Q: Use the information in the table to answer the below question.                       Production…

A: Optimal hours is found when MB >= MC,  where MB = Change in total benefit / Change in hours MC =…

Q: The question of for whom to produce focuses on how an economy's input is distributed among members…

A: Economic is the study of the management of scarce resources to fulfill the unlimited wants of…

Q: The human effort applied to the production of goods is called in economics

A: To find : What is human effort applied to production of good in economics

Q: These are products or services that are desired by human and will be purchased if money is available…

A: People will prioritise their desire for goods and services on the basis of their importance,…

Q: Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know…

A: To find : Year of publish.

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

A:

Q: Discuss in detail the production possibility curve by linking that to the concept of…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

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: Karan and Arjun work for a political campaign for 20 hours each per week. It takes Karan 2 hours to…

A: Marginal utility is the additional fulfillment that a purchaser gets from having another unit of a…

Q: Carefully define the notion of opportunity cost. Use this notion to explain the following phenomena:…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Use the data in the following graph to illustrate the law of increasing costs numerically. (Hint:…

A: The curve is the production possibilities frontier that shows different combinations of two goods…

Q: when we choose to go to college, we have to give up the salary that we should be able to get if we…

A: Opportunity Cost is the cost of foregone alternative. It is the cost of the alternative that is not…

Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…

A: Opportunity cost is the next best alternative forgone. If I aim to view a cricket match, my…

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: Classify each resource used in production as land, labor, capital, entrepeneurs, or human capital.…

A: 1. Natural resources Labour Physical capital Entrepreneurs Human capital ore Lake Casitas The…

Q: Arrow up or down: An increase in the wage for high school graduates..................the opportunity…

A: Opportunity Cost: The cost of the next best alternative that is not chosen and forgone in order to…