Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this land in 1951. Today, land in this area sells for $200,000 per square metre. So what will be the opportunity cost to Carlos if he keeps the land?
Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…
A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…
Q: You got a leaf blower for free at a yard sale. You are thinking of using it to clean leaves in your…
A: opportunity cost is the cost of loss of one opportunity to choose the other alternative. In other…
Q: Is this an good example of an opportunity cost? Why or why not? “To begin, I began selling prints of…
A: Opportunity costs are generally referred to all the benefits both monetary and non-monetary which…
Q: You were planning to spend Saturday working at your part-time job, but a friend asks you to go to…
A: Opportunity costs are incurred when a person, an investor, or an organisation chooses one…
Q: An opportunity cost is the cost of
A: Formula for Opportunity Cost (OC): OC = Total Revenue (TR) - Economic Profit (EP)
Q: The only way that a society can produce outside the production possibilities curve is Question 9…
A: Production possibilities frontiers are used to represent the trade-off that occurs between the…
Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…
A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…
Q: You have been working full time but think you would like to earn more money per hour in the future.…
A: For both $10 and $20,30 hours would be the opportunity cost in time.
Q: How does self-interest help achieve society’s economic goals? Why is there such a wide variety of…
A: The self-interest varies according to various groups of individuals. The group of producers, who are…
Q: Suppose you currently earn $40,000 a year. You are considering a job that will increase your…
A: 1. The above information that is relevant to the decision on whether to take the job or not is that…
Q: Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing…
A: 1. Elliot and Jordy spend their time fishing and finding pineapples so time is the cost. Elliot can…
Q: You can either spend spring break working at home for $80 per day or go to Florida for the week. If…
A: Opportunity Cost is the cost of next best alternative. Opportunity Cost is when in making a decision…
Q: Is there a pattern in opportunity cost changes?
A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…
Q: What is the opportunity cost of moving from point I to point D? Explain.
A: The maximum output of two items utilizing a fixed amount of input is measured by a production…
Q: What implication does resource scarcity have for the satisfaction of wants?
A: To find : What do resource scarcity fo for satisfaction.
Q: What happens when production is inside the production possibilities curve? The production is not…
A: Production possibilities curves represent the possible production of the goods and services with…
Q: Tonight, you and your friends are planning to see Black Panther for which you have a $4 off coupon.…
A: Opportunity costs are represented by the potential advantages an individual, investor, or business…
Q: A popular bakery has only a few ingredients left to make their products. They could bake muffins or…
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the economic…
Q: Is space the canvas on which economic geographical patterns are mapped out, or does it play a role…
A: Economic Geographic patterns are the aggregate result or resultant of the several economic laws,…
Q: Suppose you currently earn $40,000 a year. You are considering a job that will increase your…
A: Given, Current earning- $40000 Earning after MBA- $400,000 Annual cost- $50000 Tuition fee-…
Q: If your tuition is $5,000 this semester, your books cost $600, you can only work 20 rather than 40…
A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…
Q: Does this production possibilities curve show increasing opportunity costs? Explain
A: The curve that depicts the combination of goods that could be produced using the resources being…
Q: Maria has just paid down on a small apartment for which the mortgage is $2200 per month. Before she…
A: Opportunity cost is the cost of next best alternative forgone. It is the cost of the alternative…
Q: The definition of Product Possibility Frontier is The graph which indicates the various production…
A: The definition of product possibility frontier is the graph which indicates the various production…
Q: Suppose that you have 10 acres of land that is being fully used to grow potatoes. All 10 acres are…
A: Answer: If all the 10 acres of land are equally productive in the production of potatoes and 1…
Q: You have 5 kids and work 2 jobs to help support your family. You work a day job from 8:00 am to 4:00…
A: Production possibility frontier is a graphical representation that shows different possible outcomes…
Q: Whether the statement, 'A nonrefundable cash outlay (e.g., money spent on a passport) is an example…
A: The term opportunity cost implies that the next best option forgone
Q: You win $100 in a basketball pool. You have a choice between spending the money now or putting it…
A: The opportunity cost refers to the amount or value that one has to give up in order to choose…
Q: If a new type of seed were developed that made it easier to grow a particular crop, how would the…
A: Production possibility curve is a graphical presentation of all the possible combination of two…
Q: Elaborate on your opportunity costs, if you decide to stop studying now and start working.
A: Opportunity cost is the next best alternative foregone.
Q: What is the opportunity cost of going to university? the total spent on food, clothing, books,…
A: The Opportunity Cost(OC)shows the possible benefits an individual, firm, or investor misses out on…
Q: What is “Opportunity Cost”? You win $1000 in a basketball pool. You have a choice between spending…
A: Opportunity cost is the value of anything when a new course of action is selected. Simply put to get…
Q: Her annual opportunity cost of this new business is:
A: Opportunity cost is the cost of the best alternative use. It is the benefit an individual looses…
Q: A farmer decides to use land for farming instead of building a golf court what is the opportunity…
A: Answer: Introduction: Opportunity cost: opportunity cost refers to the value of the next best…
Q: What do opportunity costs represent?
A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…
Q: mya and donovan produce two goods in an 8 hour day.Mya can produce 10 capital or 55 consumables and…
A: The opportunity cost of capital refers to the cost by which a person gets to choose between two or…
Q: What is the Opportunity cost give only three Applications of the opportunity cost? Thank you
A: According to the given question opportunity cost is simple words we can say that it is the cost of…
Q: You can spend spring break either at home working for $80 per day for five days or go to Florida for…
A: Opportunity cost refers to the value of the best alternative forgone when one chooses an item or…
Q: Some large hardware stores such as Home Depot boast of carrying as many as 20,000 different products…
A: A market is a place where the buyers and the sellers meet and interact with each other through…
Q: or each of the following, identify the opportunity cost involved: ⦁ Harry went to the club the…
A: Opportunity cost, in economics, represents the potential benefits that one has to give up while…
Q: If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than…
A: Opportunity cost is the cost of all the benefits from one decision that are forgone for some…
Q: describe an important trade-off that you recently faced and give an example of some action that has…
A: Trade-off refers to the situation where some amount of goods should be given up in order to gain…
Q: A linear production possibilities curve indicates which of the following? a. Constant opportunity…
A: Production possibilities curve shows combinations of two goods that can be produced with the given…
Q: Does an increase in the opportunity cost mean that you have to give up more to obtain something…
A: The benefit which is forgone that would, in turn, had been derived through an option not being…
Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this land in 1951. Today, land in this area sells for $200,000 per square metre.
So what will be the
Step by step
Solved in 2 steps
- Matthew grows wheat on his farm. One of his fields produced 66.8 bushels of wheat this year. If wheat is currently selling for $5.40 per bushel, how much will Matthew earn from this field?Buying and selling textbooks are two separate decisions made at the margin. Textbooks create value both when they are bought and when they are sold. Think about your decision to buy the textbook for this course. You paid $225 for the book, but you would have been willing to pay $400 to use the book for the semester. Suppose that at the end of the semester you could keep your textbook or sell it back to the bookstore. Once you have completed the course, the book is worth only $90 to you. The bookstore will pay you 50% of the original $225. How much total value have you gained? $Buying and selling textbooks are two separate decisions made at the margin. Textbooks create value both when they are bought and when they are sold. Think about your decision to buy the textbook for this course. You paid $200 for the book, but you would have been willing to pay $450 to use the book for the semester. Suppose that at the end of the semester you could keep your textbook or sell it back to the bookstore. Once you have completed the course, the book is worth only $70 to you. The bookstore will pay you 50% of the original $200.
- Buying and selling textbooks are two separate decisions made at the margin. Textbooks create value both when they are bought and when they are sold.Think about your decision to buy the textbook for this course. You paid $200 for the book, but you would have been willing to pay $450 to use the book for the semester. Suppose that at the end of the semester you could keep your textbook or sell it back to the bookstore. Once you have completed the course, the book is worth only $70 to you. The bookstore will pay you 50% of the original $200.How much total value have you gained? $Your president bought two acres of land for $200,000 ten years ago. Although it is zoned for commercial use, it currently holds eight small, single-family houses. A property management firm that wants to continue leasing the eight houses has offered you $400,000 for the property. A developer wants to build a 12-story apartment building on the site and has offered $600,000. What value should you assign to the property?What would be the correct solution for this one?
- Connor started with $10 and is saving $2 a week. Carlie started with $16 spending 1 a week. How many weeks will it take for them to have the same amount of money? Please don't handwriting solutionyou have been working as a manager of a fashion store. You saved 50,000 and you decided to use the money to start your own business, You decided to use the money you saved to buy materials, you als decided to utilize a store you own to home your business. The store you used for your business could have been rented for 8,000 a year. You hired a clerk to help you in the store that will cost you 20,000 per year. The interest you could have earned on the 50,000 you used to buy the materials was 3,000 per year. Futhermore, you decided to manage your own business and you decided to quit your job that was paying 28,000 per year . You paid 8,000 for utility. What is yor explicit cost? Assume that your total sale for the year was 160,000. What is your implicit cost, what is the accounting profit? what is your economic profit?You need to get gasoline for your car. You can drive ten miles (round trip) to a gas station on the outskirts of town and save 15 cents per gallon on the price of gasoline. If gasoline costs $3.55 per gallon and your car gets 37 miles per gallon for in-town driving, how many gallons of gasoline must you buy at the edge-of-town station to save enough on your fill up to pay for the cost to going to the station and back? Ignore the wear- and-tear cost of operating your car in this example. (Enter your answer as a number without the units of gallons.)
- Suppose you are in charge of snow removal in your community and you are trying to figure out if you should clear snow on a street. You survey the 20 people that live on that street who say they they each value having snow cleared on their street at $50 per year. The snow removal only costs $600 per year so you hire a snow plow and clear the snow that winter. When you ask for donations to pay for the snow removal you only receive $80. What does this result show? a The people on that street were free-riders. b The snow removal suffered from the Tragedy of the Commons problems. c The snow removal cost must have been greater than their economic benefit. d You must have overestimated the value of a fireworks show. Please suggest me right answer with explanationPlease do only the last twoName the three general categories of Resources