Relevance of opportunity cost .

Question

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Answer 1

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Students have asked these similar questions

For each of the following, describe some of the potential opportunity costs: a. Going home for Thanksgiving vacation b. Riding your bicycle 20 miles every day c. The federal government using tax revenue to purchase 10,000 acres in Florida for use as a bird sanctuary

Imagine a society that produces military goods and consumer goods, which we’ll call “guns” and “butter.” Draw a production possibilities frontier for guns and butter. Using the concept of opportunity cost, explain why it most likely has a bowed-out shape. Show a point that is impossible for the economy to achieve. Show a point that is feasible but inefficient. Imagine that the society has two political parties, called the Hawks (who want a strong military) and the Doves (who want A smaller military). Show a point on your production possibilities frontier that the Hawks might choose and a point the Doves might choose. Imagine that an aggressive neighboring country reduces the size of its military. As a result, both the Hawks and the Doves reduce their desired production of guns by the same amount. Which party would get the bigger “peace dividend,” measured by the increase in butter production? Explain.

For each of the following, describe some of the potential opportunity costs d. A foreign government subsidizes its national airline to keep airfares down e. Upgrading to a balcony suite for your cruise around the Mediterranean Sea

Answer 2

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Answer 3

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Answer 4

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Answer 5

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 6

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 7

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Answer 8

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Answer 9

Subpart (a)

Expert Solution

Answer 10

Subpart (a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 13

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 14

Subpart (b)

To determine

Relevance of opportunity cost.

Answer 15

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Answer 16

Subpart (b)

Expert Solution

Answer 17

Subpart (b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 20

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 21

Subpart (c)

To determine

Relevance of opportunity cost.

Answer 22

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Answer 23

Subpart (c)

Expert Solution

Answer 24

Subpart (c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 27

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 28

Subpart (d)

To determine

Relevance of opportunity cost.

Answer 29

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Answer 30

Subpart (d)

Expert Solution

Answer 31

Subpart (d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 34

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 35

Subpart (e)

To determine

Relevance of opportunity cost.

Answer 36

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is, alternative use of that money.

Answer 37

Subpart (e)

Expert Solution

Answer 38

Subpart (e)

Expert Solution

Answer 39

Expert Solution

Answer 40

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 41

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 42

Subpart (f)

To determine

Relevance of opportunity cost.

Answer 43

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching game is, value of alternative use of time like study, sleep etc.

Answer 44

Subpart (f)

Expert Solution

Answer 45

Subpart (f)

Expert Solution

Answer 46

Expert Solution

Answer 47

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 48

Ch. 2 - Prob. 1.1P Ch. 2 - Prob. 1.2P Ch. 2 - Prob. 1.3P Ch. 2 - Prob. 1.4P Ch. 2 - Prob. 1.5P Ch. 2 - Prob. 1.6P Ch. 2 - Prob. 1.7P Ch. 2 - Prob. 1.8P Ch. 2 - Prob. 1.9P Ch. 2 - Prob. 1.10P

Relevance of opportunity cost .

Concept explainers

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

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Chapter 2 Solutions