Relevance of opportunity cost .

Question

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Answer 1

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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 2

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics 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

To determine

Relevance of opportunity cost.

Answer 8

Expert Solution & Answer

Explanation of Solution

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

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

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

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

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics 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 12

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

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