TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The marginal cost of a good or service is the opportunity cost of producing one less unit of it. True False
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Q: opportunity cost
A: Opportunity cost is the loss of benefit that could have been derived by choosing the not chosen…
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Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you
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- this response. Question 36 Ben Solo and Jerry Jones both produce cones and ice cream. Their production possibilities are shown below. They are considering trading. Ben Jerry Cones Cones 6 4. A 3 0 1 2 Ice Cream Ice Cream (If you can't see the image of want to see a larger versioh click here.) Give an example of a trade price where both would benefit from trade. cones per unit of ice cream. A Moving to another question will save this response.Pizza 8 0 5 Pizza $1.25 0 (A) $2.00 (C) O graph A O graph D O graph B O graph C Beer Beer Pizza 5 0 Pizza 10 0 (B) (D) 8 10 Beer Beer Refer to the graphs. Assume that pizza is measured in slices and beer in pints. In which of the graphs is the opportunity cost of a pint of beer equal to 0.62 slice of pizza?The efficiency factor Select one: O ameans resources are used in the least costly way (productive efficiency O b. Means an achieving productive efficlency cmeans resources are used to produce the mix of products most wanted by society dA and A|| of the above
- Derive and extensively discuss the equi-marginal principle.When it is in the two commodity cases? What about 3 commodity cases?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 doQuestion 3 Person 1 can allocate her 8-hour day between the production of two goods A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient /State all that applies] Select one or more attainable unattainable efficient inefficient II
- What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of what is done in the future, because they have already been incurred. b. a. Opportunity cost is the value of what we give up by not making the alternative cholce. Opportunity cost is a business concept that explains why it is important to consider the additional cost of production, not just the initial cost, in making production decisions. Opportunity cost is a cost associated with the allocation of abundant resources arnong alternative uses. Opportunity cost is a monetary measure of cost that takes into C. d. е. account only explicit costs, or costs that can be counted. + vi 6:58 9uestion 1 When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing O scarcity O surpluses O inefficiencins O inequalities Question 2 Which of the following statements best represents the principle represented by the adage, "There is no such thing as a free lunch"? O Megan U. must decide between going to a track event or doing her nails. O Sarah B. can attend the concert only if she takes her sister with her. O Charlie H. is hungry and homeless. O Cullen J. must repair the tire on his bike before he can ride it to class.If Mr. White decides to open his sporting goods store, what is the opportunity cost of this decision? Mr. White owns a building in downtown Lawrenceville. He has considered opening a sporting goods store in the building but has also been approached by someone who would like to rent the space to open a gym. O A. The property tax he would pay on the building B. The profits he would make from his sporting goods store C The opportunity to rent it to another tenant D. The opportunity he has to run his own business
- An owner of a landscaping business received extra income in the previous month. She is considering eitner buying a new lawnmower or spending the money on an advertisment in order to increase business in the next few months If the business owner chooses to spend the money on an advertising campaign, what is the opportunity cost? O A. more advertising O B. next month's income O C. the lawnmower O D. increased businessQUESTION 16 After much consideration, you have chosen Salalah over Baku as your Eid Break destination this year. However, Eid Break is still a week away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision? O A. The marginal benefit of going to Salalah increases OB. The marginal cost of going to Baku decreases OC. The marginal cost of going to Salalah decreases OD. The marginal benefit of going to Baku decreasesSuppose that when you pick apples for 3 hours, you pick 8 baskets of apples. If you pick apples for an extra hour, you pick a total of 10 baskets. Choose the correct statement. OA. The marginal increase from picking apples one more hour is 18 baskets. OB. The marginal benefit from picking apples one more hour is 8 baskets. OC. The marginal benefit from picking apples one more hour is 2 baskets. D. The marginal cost of picking apples one more hour is 10 baskets.