Your friend Sam has been asked toprepare appetizers for the universityreception. She has an unlimited amountof ingredients and six hours in which toprepare them. Sam can make 600 mini-sandwiches or 300 servings of melonslices topped with smoked salmon anda dab of sauce per hour.a. Sam's opportunity cost of makingone mini-sandwich is(Click to select)b. Sam's opportunity cost of makingone melon appetizer is(Click to select)c. Suppose the reception has beenpostponed, so Sam has an extrafour hours to prepare. Theopportunity cost of making onemini-sandwich is now(Click to select)d. Suppose the reception has beenpostponed, so Sam has an extrafour hours to prepare. Theopportunity cost of making onemelon appetizer is now

Opportunity cost is the cost of best next foregone. It is the cost of something that has to be given…

nas asked prepare appetizers for the university reception. She has an unlimited amount of ingredients and six hours in which to prepare them. Sam can make 600 mini- sandwiches or 300 servings of melon slices topped with smoked salmon and a dab of sauce per hour. a. Sam's opportunity cost of making one mini-sandwich is (Click to select) ▼

nas asked prepare appetizers for the university reception. She has an unlimited amount of ingredients and six hours in which to prepare them. Sam can make 600 mini- sandwiches or 300 servings of melon slices topped with smoked salmon and a dab of sauce per hour. a. Sam's opportunity cost of making one mini-sandwich is (Click to select) ▼

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter22: Frontiers Of Microeconomics

Section: Chapter Questions

Problem 6PA

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Would you rather have efficiency or variety? That is, one opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product of a given type, like shoes. Perhaps a better question is, “What is the right amount of variety? Can there be too many varieties of shoes, for example?” the bold question i dont understadnwhat they are trying to ask me to do
explain na link between scarcity and choice
Consider the table, which shows five possible choices of output combinations for Rock's restaurant. What is the opportunity cost of changing from Choice A to Choice D? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a b с MC5 d e 6 Pizzas 8 Pizzas 11 Salads 9 Salads Can't be calculated Choice ABCDE Number of Pizzas 2 4 6 8 10 Number of Salads 20 18 15 11 6
Jake is a talented artist who sells hand-crafted goods on his website. Jake currently crafts and sells both tea towels and embroidered sweaters. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Choice A B с D E MBROIDERED SWEATERS 25 10 0 1 (Tea towels) 8 6 4 2 2 0 Hours Crafting 3 On the following graph, use the blue points (circle symbol) to plot Jake's initial production possibilities frontier (PPF). 4 TEA TOWELS 5 (Embroidered sweaters) 0 2 4 6 6 8 7 8 O Initial PPF A (Tea towels) 4 New PPF 3 2 1 0 (?) Produced (Embroidered sweaters) 0 12 17 19 20 Suppose Jake is currently using combination D, producing one tea towel per day. His opportunity cost of producing a second tea towel per day is per day. Now, suppose Jake is currently using combination C, producing two tea towels per day. His opportunity cost of producing a third tea towel per day is per day. ▼ From the previous…
what is scarcity? what is coumpound product? what is demand what is supply?
Need help with this microeconomice question.
2. Below is a production possibilities frontier (PPF) for Happyland, acountry that produces only two goods- wine and cheese. wine cheese a) Explain what the production possibilities frontier is and how it illustrates scarcity. b) What happens to the marginal opportunity costof cheese production in Happyland as the country increases its cheese production? (increase, decrease, unchanged or indeterminate?) Explain how you can tell this from the PPFand why it happens. c) Briefly describe two specific policies the government of Happyland could undertake to shift out their PPF in future periods. (By specific policies, I mean something they can actually do to change productivity for either or both of these goods. "Increase resources," for example, is not a specific policy. What resources and what type of policy could increase the resources used for either of these products?)
2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandp
u work for a marketing firm that has just landed a contract with Run-of-the-Mills to help them promote three of their products: splishy splashies, flopsicles, and mookies. All of these products have been on the market for some time, but, to entice better sales, Run-of-the-Mills wants to try a new advertisement that will market two of the products that consumers will likely consume together. As a former economics student, you know that complements are typically consumed together while substitutes can take the place of other goods. Run-of-the-Mills provides your marketing firm with the following data: When the price of splishy splashies increases by 4%, the quantity of flopsicles sold increases by 1% and the quantity of mookies sold decreases by 5%. Your job is to use the cross-price elasticity between splishy splashies and the other goods to determine which goods your marketing firm should advertise together. Complete the first column of the following table by computing the…
Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. Competition
Read the following passage that describes why some consumers clip coupons while others don't. Then answer the question that follows. THE ECONOMIC RATIONALE BEHIND COUPON CLIPPING, BY THE APLIA ECONOMICS CONTENT TEAM If coupon clipping is so rewarding, why doesn't everyone do it? According to basic economic theory, the number one reason is that coupon clipping isn't actually free. Sure, it doesn't explicitly cost you money out of your pocket, but it does cost you time to scan newspapers, magazines, and the Internet for savings that sometimes seem insignificant. Economists refer to this as the opportunity cost of clipping coupons. For example, an hour spent clipping coupons means an hour less to spend earning income, enjoying leisure time, or sleeping. For those who have fewer high-value alternatives competing for their time, such as stay-at-home parents or retired senior citizens, coupon clipping may be time well spent. According to the Wall Street Journal (Source: "Doing the Math on…