Question 17 A farmer can make accounting profits $80,000 per year planting corn, $60,000 per year planting canola, or $40,000 per year planting sorghum. Assume only one crop will be planted. What is the opportunity cost of planting corn? $80,000 $60.000 $50,000 $40,000

Question 17 A farmer can make accounting profits $80,000 per year planting corn, $60,000 per year planting canola, or $40,000 per year planting sorghum. Assume only one crop will be planted. What is the opportunity cost of planting corn? $80,000 $60.000 $50,000 $40,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: Marginal cost equals A) all the opportunity cost of producing the amount of output. B) the…

A: Marginal cost is calculated by differentiating total cost or total variable cost with respect to…

Q: 1. How do both consumers and firms benefitted from the economies of scale? 2. Large business enjoys…

A: Answer - "Thank you for submitting the questions.But, we are authorized to solve one question at a…

Q: The opportunity cost of receiving $100 next year as opposed to getting $100 today is: the…

A: Opportunity cost of an asset is the profit lost when one alternative is selected over other.

Q: Which of the following are the three major categories of resources? a) natural resources, physical…

A: Resources are the factors of production of goods and services.

Q: Which of the following profits represent economic profit? Choose all that apply. a. A restaurant…

A: Accounting profit is the net income for a company, which is revenue minus explicit costs(out of the…

Q: 620 6 10 590 540 485 380 220 10 20 30 40 50 60 70 Books a. What is gained by choosing to produce at…

A: Here in the given distuation, the graph shows the production of only only A when there is no…

Q: What is the main goal of a firm in a market economy? (a) To maximize social welfare (b) To minimize…

A: The main goal of a firm in a market economy is typically considered to be:(b) To minimize costs.In a…

Q: I. MARGINAL PRINCIPLES -- PART II Assume the data in the table are experimental results of using…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Can innovation and new production technologies delay or stop the occurrence of diminishing returns?

A: Diminishing returns The diminishing returns is very much an economic principle that states that when…

Q: Explain the factors within the economic environment affect business?

A: Factors within economic environment that affect business are as follows 1.Market conditions It…

Q: Assignment 6 Chapter 9. 1. Assignment 6 Base Week-Week 1 Week Good Quantity 3. 4. Cereal 1. $2.50…

A: Since you have provided multiple questions, we will solve the first one for you. If you want any…

Q: The table below contains the production information of a company. In the table, the first column…

A: a) When Capital used by the firm fixed at 150 units. Total Product when labor force employment is…

Q: What is a ‘final good’? Select one: a. A good not used as an input in the production process b. A…

A: A final good is a commodity which is used or used by the end user. The successful (product) needs no…

Q: 8. Under a Malthusian paradigm, why do wars, pandemics, and famines cause a temporary increase in…

A: The paradigm which depicts that growth in population is exponential potentially while the food…

Q: Trends, or patterns of change, in the external business environment can create opportunities or…

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: Which new skills/knowledge will help you to achieve your goal

Q: 22. The United Kingdom is made up of several smaller countries that used to be independent. The…

A: Comparative advantage in when a nation is able to produce a good or a service at a lower opportunity…

Q: According to the corn market depicted below, what do we expect to happen as this market transitions…

A: In the long run, a perfectly competitive firm makes zero economic profit. Attracted by the positive…

Q: Case study: Experts Propose a Process for Increasing Innovation. How does the process of…

A: Creating innovative communities is very important. Challenges are there for innovators,but these…

Q: The answer to, "What goods are to be produced?" deals with: who gets the goods. Ohow tastes and…

A: The economic problems of "What goods are to be produced", "How to produce", and "For whom to…

Q: Claire and Don are farmers who produce beef and corn. In a year, Claire can produce 40 tons of beef…

A: The selection of production depends on the…

Q: If you're authorized with some invested capital, what is the potential market that you're most…

A: If I Have Authorized With Some invested Capital, So I Should Invest It In Stock Market. Because…

Q: Urgent

A: Opportunity cost is the next best alternative foregone. It is the sacrifice given of next best…

Q: A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu…

A: Costs are the expenses that a business or a firm incurs in its production activities. It is an…

Q: Which of the following The labor used to UGGs sold online O Advertisements fo The utility or enjoy

A: Factors of production refer to inputs used in the process of production of output. There are four…

Q: 8) Firms A-E are involved in the production of some good. What is the total value added by all the…

A: The given stages of production rate is given as Stages of Production Sales value of ProductFirm…

Q: 1. Explain the Theory of Production in Microeconomics. 2. Differentiate labor-intensive and…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The application of new technology refers to A. innovation. B. imitation. C. investment. D.…

A: To create new technology, an inventor is required to research the need for such technology and how…

Q: 9. The factors of production include: a) land, labor, services, and physical capital. b) land,…

A: The technological relationship between inputs that are used to produce output is referred to as…

Q: A customer requests one additional item to be produced by a manufacturer. The manufacturer must…

A: The objective of the question is to identify the economic term that refers to the additional cost…

Q: Despite a booming economy and low unemployment rates researchers have often found declining social…

A: Social mobility is a concept that includes the likelihood of moving up or down in the…

Q: Explain how each event affects production possibilities. (a) The population becomes more educated…

A: The Production Possibilities Frontier (PPF) is a graph that shows every one of the various mixes of…

Q: 2. Explain the law of increasing opportunity cost in a production possibility curve. What is the…

A: As per honor code, we’ll answer only one question at a time, we have answered the question 2. Please…

Q: What is the importance of stages of production?

A: There are 3 stages to the production process which are as follows: 1. "Output increases at an…

Q: -low 1 represents

A: The flow chart above is showing the interdependence of sectors in the economy. It is showing the…

Q: 6- Which of the following is not found in a capitalist economy? a. Competition among enterprises b.…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Manisha could work for another firm making $10,000 per month, but she decides to open her own…

A: Economic profit or loss is the difference between the revenue received from the sale of an output…

Q: The world exists for one year. The Farmer seeks to maximize her profits. The farmer must choose…

A: Profit maximization refers to the process by which producers or sellers produce the goods at minimum…

Q: Larger production of goods would lead to higher production in future

A: To find : Which leads to higher production in future.

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Define opportunity costs.

VIEW

Step 2: Choose the correct option.

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

2
Economics study guide questions
5. Give an idea of the main costs involved in starting this business; minimum amount of resources need at start-up. a. Describe your income and expenditure flows: b. What ill be your major sources of income? c. What will be your major expenses d. How long do you think it will take for this business to start making profit? e. As part of the work, prepare a poster presentation that captures the key aspect of the entrepreneur, about his/her business, family, what drives him/her (Poster presentation should be creative and attractive)
Please no written by hand and no image According to the Washington Post article The Downsides of Cheap Corn, farmers' 2014 crop revenues were down from prior years, despite very productive harvests all around the United States. Which of the statements is the explanation offered by the article for this apparent paradox? The costs of farming have increased faster than productivity, leading to higher crop yields but lower profits. An influx of farmers entering the agricultural market has led to fierce competition, driving down revenues. The increase in the supply of crops has decreased prices by a greater percentage than the percentage increase in quantity of sales. Consumer demand for agricultural crops such as corn, soybean, and wheat are at record lows
_________ refers to man-made resources of production. a. Land b. Minerals c. Labor d. Capital
8. Factors of production can be: (a) Land (b) Labour (c) Organisation (d) All of the above
Why do you think it is important for managers to understand the mechanics of short- and long-term supply and demand? Give examples of companies whose business has been helped or hurt by changes in supply or demand in the markets in which they have been competing.
In economics, the terms efficient, effective and productive are often known. Question: a. Explain the difference between each of these terms. Explain with examples b. How many types of efficiency are there? Explain the difference between each! c. If the results of the rice production model are as follows: Qp = 0.031 + 0.046 Land Area + 0.092 Seed + 0.198 TK + 0.728 Fertilizer + 0.222 Perticide. Explain the results of the analysis related to the concept of efficiency for each variable and return of scale
System (Academic) les of Microeconomics || Fall20 At the current level of output, the marginal social benefit of pizza exceeds the marginal social cost of pizza. Compared to the allocatively efficient quantity, we are producing too of other goods, pizza and too Select one: on O a. much; little O b. much; much Oc. little; much O d. little; little 00 HUAWEI Nova 3 Al CAMERA Dage Next pac
1
67. What are the four factors of production? Thanks
2C Economics, Politics, and Public Policy: If current energy consumption trends continue and the per capita income of the world increased dramatically, we would expect that Select one: a. respiratory diseases in cities will increase. b. global climate change will be a greater problem. c. literacy levels will decrease. d. land and labor will no longer be economic factors. Clear my choice