2. Which of the following statements about the concept of opportunity cost is false? A) Some decisions involve greater opportunity costs than others. B) The opportunity cost of a decision is the net benefit foregone by not undertaking the next best alternative. C ) All decisions have opportunity costs. D) The opportunity cost of some decisions is zero.
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- QUESTION 19 If one fails to account for implicit costs in decision making, then the cost-benefit rule will be flawed because, O A. the costs will be overstated O B. the costs will be understated C. the benefits will be overstated D. the benefits will be understated.4.Explain why opportunity cost is the best forgone alternative and provide examples ofsomeopportunity costs that you have faced today.What is the set of techniques in the making of decisions, which compares the costs and benefits, but looks at them subjectively and does NOT translate all concerns into market (dollar) terms? O Cost-Benefit Analysis O Cost-Effective Analysis O Co-Payment O Just ask your economics professor.
- e [due Mon] 5 Making Effective Decisions Often illustrated with a graph or a table, shows the results under different sets of assumptions. opportunity cost marginal analysis marginal thinking sensitivity analysis Save for Later JAN 18 080 MacBook Air 08 F3 DD F4 F5 F8 953. You and a fellow student are working on a joint project in a course. You cach know that your project's score in points will be split between the two of you. The project's score depends on the level of effort you put into the project, where your effort, ee [0,1], ranges between zero and one. Putting forth effort is costly to you, though: you feel a cost of effort given by c(e). Your partner faces the same cost function for her own effort. Suppose the score earned by the project is given by fle,e2)=200 e,ez, and your cost of effort is given by c(e,)=40e,. What is the effort chosen by you and your partner, and what is your score on the project? (Hint: You need to use best-response graphs on this one. The first-order conditions in this problem will only help you draw the best-response function of each player. Find the Nash equilibria by finding the intersections of the best-response functions.) Now suppose the score earned on the project is given by fle,,e)=200 e,ez and the cost of your…A rational decision-maker takes an action only if the Select one: a. average benefit is greater than the average cost O b. marginal benefit is greater than both the average cost and the marginal cost Oc marginal benefit isgreater thanthe.marginal cost O d. marginal benefit is less than the marginal cost age ter4 ELAST CTYAND ITS APPLICATION TAutosaved.
- 3. Marginal analysis produces more optimal outcomes when working with scarce resources. How?while taking decisions there are different kinds of constraints related to resources, time,rules,physical realityetc leads to the matter of choice.how will you explain the whole situation in terms of cost13. A layperson says that a proposed government project simplycosts too much and therefore shouldn’t be undertaken.How might an economist’s evaluation be different?14. Economists say that individuals make decisions at themargin. What does this mean?15. How would an economist define the efficient amount oftime spent playing tennis?16. Ivan stops studying before the point at which his marginalbenefits of studying equal his marginal costs. Is Ivan
- Refer to the table below. Behaving as a "rational optimizer," how many units of this activity should be carried out? Units of Total Total Activity Cost Benefit 0 $0 $0 $2 $12 $6 $22 $12 $30 $20 $36 $30 $40 $42 $42 $56 $43 1 2 3 4 5 6 7 A. 2 B. 3 C. 4 D. 5 E. 614. What assumption is important in using economic model to make predicitons? a) the law of demand b) the rationality assumption c) ceteris paribus/ other things being equal d)evryone being a price takerAccording to the text explain briefly when decision analysis can be used?