LSCPA MICROECONOMICS(LL)TXT
21st Edition
ISBN: 9781260720754
Author: McConnell
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Question
Chapter 1.2, Problem 2QQ
To determine
Calculation of opportunity cost .
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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.
Define the economic principle of opportunity cost.
Which statement about the opportunity cost of good Y in terms of good X is correct?
A It decreases as the output of Y increases.
B It is always below 1Y = 1X.
C It is constant throughout the range of output shown.
D It is never above 1Y = 2X.
Chapter 1 Solutions
LSCPA MICROECONOMICS(LL)TXT
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Prob. 1ADQCh. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 1AP
Ch. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
Knowledge Booster
Similar questions
- ِA- We have studied the production technology. Explain the concept with an example. B- We have studied labor-intensive technology and capital-intensive technology Explain the difference between the two production processes with an example of each?arrow_forwardSuppose Alphonso’s town raised the price of bus tickets to $1 per trip (while the price of burgers stayed at $2 and his budget remained $10 per week.). What happens to the opportunity costarrow_forwardThe rational range of production is between _______ and _______ units of labor.arrow_forward
- Production possibilities curve ABCDE is bowed out from the origin because: a. the marginal benefit of pizzas declines as more pizzas are consumed. b. the curve gets steeper as we move from E to A . c. it reflects the law of increasing opportunityarrow_forwardOne of the business enterprise is manufacturing sanitary building materials, it could be the example of producing; a. Consumer goods b. Industrial goods c. Luxury goods d. None of the given optionsarrow_forwardcasey recently inherited $100,000 from her grandma rather than invest the money in a mututral fund that earns 5% she quit her job of translator which paid $60,000 and started casey's coffee crush which is recently cost $20,000 for this year. the equipments and machines cost $60,000. staffs help and advertising cost another $ 40,000 in her first year her revenue was $150,000 what is the implicit opportunity cost of casey's coffee crush?arrow_forward
- Point Pizzas Airplanes A 0 200 B 80 160 C 120 100 D 140 0 Is the production combination of 120 pizzas and 110 airplanes inside, outside, or on the country's PFF and is this production attainable? is the production combination of 100 pizzas and 100 airplanes inside, outside, or on the country's PFF and is this production combination attainable?arrow_forwardWhat is the nature of an opportunity cost? a It is always variable. b It is a potential benefit. c It is included as part of cost of goods sold. d It is a sunk cost.arrow_forwardUse the information in the table to answer the below question. Production Possibilities Frontier Number of hours worked Total benefit Total cost 0 0 0 10 300 100 20 550 210 30 750 340 40 900 500 50 1,000 700 Christian delivers pizza using his own car and is paid according to numbers of boxes that he delivers. Use marginal analysis to determine the optimal number of hours that he should work.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Brief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning