ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 2, Problem 1.2PA
To determine
The
Concept Introduction:
Opportunity Cost: Opportunity cost is the opportunity lost by choosing one alternative over the other.
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INTR.17
Suppose that you have graduated from college. If you had not gone to college, you would have worked and earned about $30,000 per year. Which of the following is the best way to think of the $30,000 per year?
a
Sunk cost.
b
Opportunity cost.
c
It was an opportunity cost, but is now a sunk cost.
d
It was a sunk cost, but now is an opportunity cost.
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Background information: A worker in the United States and a worker in China can each produce 1,000 pairs of jeans per week. A worker in the United States can produce 50 cell phones in a week, and a worker in China can produce 100 cell phones in a week. Answer the following questions based on this information. Part A: If each country attempted to produce both jeans and cell phones, how many jeans and cell phones could each country produce? What would be the total number of jeans and cell phones produced by the two countries combined? Show your work.in detail Part B: Calculate the opportunity cost of producing jeans for each country. Show your work in detail Part C: Calculate the opportunity cost of producing cell phones for each country. Show your work in detail Part D: Determine how many jeans should be produced by each nation. Show your work in detail. Part E: If each nation should specialize in producing jeans and cell phones, explain why; use economic terminology in your…
67. What are the four factors of production? Thanks
Chapter 2 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
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