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A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…
Q: List the opportunity costs of the following: a. going to college b. missing a lecture c. withdrawing…
A:
Q: Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she…
A: Opportunity cost: It refers to the benefits that a person has to sacrifice in order to choose…
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A: The opportunity cost is the value of the next best alternative.
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A: If a lot of television is watched, then it reduces the time available for other activities, for…
Q: Is opportunity cost a lost income? A. Yes B. Not
A: Economics is the study related to production, consumption, and transfer of money
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A: Opportunity cost is the value of next best alternative, that is benefit that could have been derived…
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A: For both $10 and $20,30 hours would be the opportunity cost in time.
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A: Opportunity cost measures the trade-off between two goods.
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A: 1)Opportunity cost in time-10 hours In money 10*10=100 per week. 2)I would choose quarter because…
Q: What does the law of increasing opportunity cost state?
A: Law of Increasing opportunity cost staes that when the production of a particular product is…
Q: Ben considers going to the Kings of Leon concert in Philadelphia. A ticket costs $100. If Ben does…
A: The opportunity cost denotes the amount of potential gains (or benefits) that an individual or firm…
Q: examples how the opportunity cost is important for people's live?
A: The opportunity cost of an action is what you should give up when you decide to make that choice. It…
Q: You can either spend spring break working at home for $80 per day or go to Florida for the week. If…
A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…
Q: Bong-Cha is deciding what to do during the 30-minute break between her college classes. One rule she…
A: Here, it is given that Bong-Cha makes her decision on how to spend her 30 mins break. Also, she has…
Q: growing opportunity What would the curve cts . like if opportunity costs fixed? (Voice you onse or…
A: When the production possibility curve is concave in shape then the opportunity cost is increasing.…
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A: The opportunity cost of doing an activity is the loss of value associated with the next best…
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A: Opportunity cost is the benefit that is not received due to not choosing the other option.
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A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the economic…
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A: Opportunity cost (OC) is the forgone benefit that will have been derived by an option not chosen .OC…
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A: Next best alternative cost is the opportunity cost. If Sam is going to theatre, he would spend $30…
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A: Opportunity cost is the cost of next best alternative forgone. It is the cost of the alternative…
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A: Opportunity cost is the value of something that must forgo to acquire something else. Thus, the…
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A: Opportunity cost also called the implicit cost is the cost of the next best alternative that is…
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A: The term opportunity cost implies that the next best option forgone
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A: There exists a trade off between joining basketball team and football team as both teams practice at…
Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…
A: The opportunity cost refers to the amount or value that one has to give up in order to choose…
Q: You have been going to school and working 10 hours a week. The school offers you a scholarship worth…
A: A) In one quarter time is = 12 week (assumed 4 weeks per month and 3 months in one quarter)…
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A: Opportunity cost measures the trade-off between two goods i.e. it measures what we give up to obtain…
Q: • Describe various opportunity costs of attending college. Given these opportunity costs, why do…
A: As a matter of first importance we want to comprehend what opportunity cost is:- OPPORTUNITY COST is…
Q: hat is your opportunity cost of going to college
A: Opportunity cost is a notional cost it is a lost opportunity in choosing the best alternative from…
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: You can spend spring break either at home working for $80 per day for five days or go to Florida for…
A: Opportunity cost refers to the value of the best alternative forgone when one chooses an item or…
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A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…
Q: 4. The opportunity cost of changing your decision on what to major in college is highest___ a.…
A: Opportunity cost can be defined as the benefit that has been forgone of the next best alternative…
Q: What is the opportunity cost of attending college ?What happens in terms of opportunity cost as one…
A: In terms of the opportunity cost, as one gets more educated such as earning a graduate degree or the…
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: The opportunity cost of working is __ Select one: a. the wage you earn for the time spent working.…
A: d. what you would have done during the time if you were not working.
Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…
A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…
Q: What is the opportunity cost of going to college?
A: Opportunity cost is the next best alternative foregone. Opportunity cost=sacrifice/gain.
Q: Suppose you get $1,000 as a birthday gift. You can spend it today or you can put the money in a…
A: The opportunity cost of spending the money can be calculated as follows: When the $1,000 gift amount…
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A: Opportunity cost is the cost of loosing one opportunity for gaining the best other one or we can say…
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- Suppose the economy initially produces 15,000 gallons of drinking water and 450,000 tons of steel, which is represented by point A. The opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving production to point B) is (72,000, 135,000, 90,000, 54,000, 108,000) tons of steelSuppose, instead, that the economy currently produces 378,000 tons of steel and 20,000 gallons of drinking water, which is represented by point B. Now the opportunity cost of producing an additional 5,000 gallons of drinking water (that is, moving to point C) is (72,000, 135,000, 90,000, 54,000, 108,000) ons of steel.Comparing your answers in the two previous paragraphs, you can see that the opportunity cost of 5,000 additional gallons of drinking water at point B is (Less, Equal, Or Greater Than) the opportunity cost of 5,000 additional gallons of drinking water at point A. This reflects the (Notion that Countries can gain from trade, Law of Increasing Opportunity Costs, Fact…You just got a job in Washington, D.C. You moveinto an apartment with some acquaintances. All yourroommates, however, are slackers and do not clean upafter themselves. You, on the other hand, can clean fasterthan each of them. You determine that you are 70%faster at dishes and 10% faster with vacuuming. All ofthese tasks have to be done daily. Which jobs shouldyou assign to your roommates to get the most free timeoverall? Assume you have the same number of hours todevote to cleaning. Now, since you are faster, you seemto get done quicker than your roommate. What sortsof problems may this create? Can you imagine a traderelated analogy to this problem?Consider a simple economy of Korea - producing two goods, Motor bike and milk. The details ofthe economy and its production is as follows: Motor Bike (1000 / year) Milk (1000 gallons per year) 0 601 502 303 0 d) According to the (BGH) technology, farmers can now get double the amount of milk fromcows easily. In terms of PPF, this means Korean economy can now produce twice milk ateach level of bike output. With the current production of 2000 motor bikes, Mr. B claimsthat this new technology can allow this economy to produce more milk and more bikes. Doyou agree with this statement or not?e) Explain carefully, with the help of diagram and justify your answer.
-  11. If Portugal has a total of 180 man-hours of resources available for production, while England has only 120, what are the resource costs of wine and cloth? a) wine costs 2 man-hours/bottle and cloth 6 man-hours/yard in Portugal. b) wine costs 1 man-hour/bottle and cloth is 1 man-hour/yard in England. c) cloth costs 4 man-hours/yard and wine 2 man-hours/bottle in Portugal. d) wine costs 1/2 yards/bottle and cloth 2 bottles/yard in Portugal.France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a) France’sopportunity cost of G in terms of units of C equals ______ ? b) Poland’sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Poland’scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because: 4.In the following problem, assume that the UK currency is the pound sterling (PST)and thecurrency in the restof the Europe is the euro (EUR). Suppose that thePST appreciates relative to the EUR. For the following parts, you will…France and Poland each have one worker whosemonthly linear Production PossibilityFrontier indicatesthe following production possibilities: PolandFranceComputers (C) 246Grain (G) 43 a)France’sopportunity cost of G in terms of units of C equals ______ ? b) Poland’sopportunity cost of G in terms of units of C equals ______ ?For the followingparts, please complete the questions by filling in the blank, and responding toremainderof the question: c) Poland’scomparative advantage is in ______ because: d) If France and Poland decide to trade, _________ will be theexporter of G while ______ will bethe importer because: e) If the economies choose to trade, the world relative priceof goods must be ________ in orderfor trade to be mutually beneficial, because:
- 3. Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a) What is the opportunity cost of producing a car in Canada? What is the opportunity cost of producing a bushel of wheat in Canada? Explain the relationship between the opportunity costs of the two goods. b) Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat can it consume without trade? Label this point on the production possibilities frontier. c) Now suppose that the United States offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million cars, how much wheat does this deal allow Canada to consume? Label this point on your diagram. Should Canada accept the deal?scenario Production Advantage and Opportunity CostsAssume there are two countries, the United States and France, and two goods, automobiles andcomputers.The table presented below shows the number of automobiles and computers that the United States andFrance can produce with the same amount of resources.United States FranceAutomobiles 120 100Computers 60 55Source: Pearson Education Inc. 1.1 Which country has an absolute advantage in computer production? Motivate your answer.1.2 Which country has a comparative advantage in the production of automobiles? Motivateyour answer. 1.3 Assume these countries trade with one another under the conditions of free trade. Whichcountry will specialise in the production of automobiles? Motivate your answer. 1.4 If free trade exists between the United States and France, what are the highest and lowestlevels for the price of an automobile (expressed in terms of computers)? Motivate youranswer by stating which level favours the United States and France.1. The countries France and Italy produce Perfumes and Leather Coats using only labor as an input. AvailableLabor for France and Italy is 3000 and 1000 respectively. Unit of labor per Leather Coat in France is 6 units and inItaly are 2 units. France needs 2 units of labors to produce 1 bottle of Perfume and Italy needs 4 unit of labor. a) Draw the Production Possibility Curve by using relevant information. b) Which country has the comparative advantage in producing Perfume?
- Suppose that there are 10 million workers inCanada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year. a. What is the opportunity cost of producing acar in Canada? What is the opportunity costof producing a bushel of wheat in Canada?Explain the relationship between the opportunity costs of the two goods. b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 millioncars, how much wheat can it consume without trade? Label this point on the productionpossibilities frontier. c. Now suppose that the United States offers tobuy 10 million cars from Canada in exchangefor 20 bushels of wheat per car. If Canadacontinues to consume 10 million cars, howmuch wheat does this deal allow Canada toconsume? Label this point on your diagram.Should Canada accept the deal?The following is a production possibilities table for war goods and civilian goods: Production alternatives A B C D E Automobiles 0 2 4 6 8 (in millions) Guided missiles 30 27 21 12 0 (in thousands) •Show these production possibilities data graphically. •What does points on the curve indicate? •If the economy is currently at point C, what is the cost of 1 million more automobiles? Of more guided missiles? •Suppose improvement occurs in the technology of producing guided missiles but not in the production of automobiles. Draw the new production possibilities curveSuppose an economy produces two goods: food and machines. this economy always operates on its productions possibilities frontier. last year it produced 50 units of food and 30 machines. This year and experience a Technological advance and it’s machine making industry. As a result of this year the society wants to produce 55 units of food and 30 machines which of the following statements is true? A) The technological advance reduced the amount of resources needed to produce 30 machines. These resources could be used to produce more food. B) because the technological advance occurred in the machine making industry increases and output can only occur in the machine industry. C) in order to increase food production in these circumstances without reducing machine production the economy must reduce inefficiencies. I need help with understanding this.