Principles of Microeconomics, SME 2031 Babson College
16th Edition
ISBN: 9781308707341
Author: N/A
Publisher: McGraw Hill Create
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Chapter 1.2, Problem 2QQ
To determine
Calculation of opportunity cost .
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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
Principles of Microeconomics, SME 2031 Babson College
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
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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?
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Suppose 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 cost
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The rational range of production is between _______ and _______ units of labor.
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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 opportunity
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One 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 options
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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?
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What 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.
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Use 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.
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1. Understanding opportunity cost
You work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and go to the local carnival instead, which has an admission fee of $9.
The total cost (valued in dollars) of skipping practice and going to the carnival (including the opportunity cost of time) is .
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