Which of the following decisions would entail the greater opportunity cost: allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot ? Explain.
Q: Based on the photograph of the question 2 section. if the economy is currently producing 10 bags of…
A: Opportunity cost is the forgone benefit which could have been earned by applying all the resources…
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A: Economics is a branch of social science that deals with the efficient allocation of finite resources…
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A: Answer: PPF shifts outward when the overall production capacity of the economy increases. Production…
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A: Here, production possibility combination of sports Frick and water bottles are given. Opportunity…
Q: True or False Opportunity costs are roughly the same for everyone who attends college.
A: To define opportunity cost, it means the value of the next best alternative good of that resource.…
Q: The term "opportunity cost" points out that *
A: In economics, there are different types of costs associated with a specific economic activity and…
Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…
A: value of Grocery store = $7000 value of clothing store = $10,000 Opportunity cost = Return on best…
Q: What is an real-life example of a opportunity cost?
A: Opportunity cost: - opportunity cost is a forgone benefit which we could have earned by applying all…
Q: Which of the following happens to us because of scarcity? Question 2 options: We…
A: Scarcity refers that the shortage which is the core problem in the economy , which means that unable…
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A: Marginal opportunity cost refers to the additional opportunity cost of producing an additional unit…
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A: The opportunity cost of a good is what you give up to get that item. The opportunity cost is the…
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A: Opportunity Cost : The opportunity cost is referred as a forgone benefit that would have been…
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A: Opportunity cost measures the trade-off between two goods i.e. goods need to be given off in order…
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A: A production possibility frontier illustrates the various combinations of two goods that can be…
Q: Question 14 Refer to Table 1-1 in Question 11. The opportunity cost of 1 unit of bread for Whetonia…
A: 14) The table above shows the labor hours required to produce one unit of bread and cheese and the…
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A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: Suppose Raphael is currently using combination D, producing one car per day. His opportunity cost of…
A: Opportunity cost(OC) is the benefits that could be accrued from the next best alternative to the…
Q: use of chemical fertilizers, which increases agricultural production greatly, damages water quality…
A: Production possibility curve (PPC) shows combination of two goods that are in fact choices that are…
Q: What is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the…
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Q: Suppose Yakov is currently using combination D, producing one car per day. His opportunity cost of…
A: Effective decision-making is enabled by an awareness of the possibilities lost by choosing one…
Q: can you help by giving me an example to illustrate each of the following: (a) constant opportunity…
A: Opportunity cost is the foregone benefit that can be bought by choosing another alternative. In…
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A: Opportunity cost refers to the value of the next alternative that is best suitable for an…
Q: Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does…
A: The potential gains that a person, investor, or organisation loses out on when choosing one choice…
Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…
A: The Opportunity cost to a firm in using any input is what the input could earn in its best…
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Q: Suppose your friend ask you to go watching a movie while you are studying for an examination. what…
A: Answer: Opportunity cost is the cost that arises due to the sacrifice of the benefit that could have…
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A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…
Q: ____________The opportunity cost of an economic decision is: the best alternative that was…
A: The opportunity cost is the benefit or value that an individual or a firm has to give up when they…
Q: Suppose a farmer is currently producing 50 bushels of corn and 10 bushels of peanuts. According to…
A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…
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A: OPPORTUNITY COST can be defined as the loss of choosing something as you sacrifice something to…
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A: Every choice that we make means that we select one alternative over another. The selection of among…
Q: According to the Centers for Medicare and Medicaid Services, more than a quarter of the Medicare…
A: The opportunity cost measures the value of the next best alternative that is forgone in making a…
Q: Which of the following would be most likely to shift the production possibilities curve to the…
A: The production possibilities curve(PPC) depicts the mix of consumer and capital products that a…
Q: Which of the following is true of an economy’s production possibilities curve? a. It shows the…
A: Production possibility curve is also called production possibility frontier.
Q: What is the difference between opportunity cost and trade-off? Please explain.
A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…
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A: Ans.a) The main motive of studying economics is the fact that resources are scarce in the world and…
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A: A Production Possibility Frontier is a graph that shows all the possible combinations of two…
Q: .Explain why opportunity cost is the best forgone alternative and provide examples of some…
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Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…
A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…
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A: The problem of choice and scarcity tends to lie at the very heart of economics, which is the study…
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Which of the following decisions would entail the greater
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- Refer to the above diagram. Points A, B, C, D, and E show: Multiple Choice that the opportunity cost of bicycles increases, while that of computers is constant. combinations of bicycles and computers that society can produce by using its resources efficiently. that the opportunity cost of computers increases, while that of bicycles is constant. that society's demand for computers is greater than its demand for bicycles.Suppose the National Football League (NFL) wants to make Super Bowl tickets affordable for more football fans. The league therefore sets the price of a Super Bowl ticket below what is generally considered a fair market price. Suppose the price of a ticket for a regular seat at the Super Bowl is set at just $500. People who have tickets, however, can turn resell them online for $2,500 each, or more. If there are no transaction costs associated with online sales of Super Bowl tickets, the true cost to a fan of attending the Super Bowl is: O at least $2,500. O the monetary price paid to obtain the ticket. at most $500. $2,000 less than the opportunity cost of a ticket.Suppose the National Football League (NFL) wants to make Super Bowl tickets affordable for more football fans. The league therefore sets the price of a Super Bowl ticket below what is generally considered a fair market price. Suppose the price of a ticket for a regular seat at the Super Bowl is set at just $500. People who have tickets, however, can turn resell them online for $2,500 each, or more. If there are no transaction costs associated with online sales of Super Bowl tickets, the true cost to a fan of attending the Super Bowl is:
- Popcorn at the movies is $6 a bag. Candy at the movies is $2 a box. The opportunity cost of one bag of popcorn is decreases to $4 a bag - there's a special sale on popcorn, then the new opportunity cost for a bag of popcorn is now decreased, the opportunity cost of the next best alternative (in this case, candy) was less, therefore consumers are boxes of candy. If the price of popcorn boxes of candy. When the price of popcorn likely to purchase popcorn at the lower price. A) two; three; less B) two; three; more C) three; two; less D) three; two: moreAfter much consideration you have chosen Cancun over Fort Lauderdale for your spring break trip this year. For this decision to change, which of the following must occur? A) The marginal cost of Cancun must decrease B) The marginal cost of Fort Lauderdale must increase C) The marginal benefit of Fort Lauderdale must increase D) The marginal benefit of Cancun must increase. can you tell me what the correct answer is and further explain marginal costs and marginal benefits?What is the term for the economic principle that individuals try to get the greatest benefit from a given resource? A) Opportunity Cost B) Marginal Utility C) Supply and Demand D) Rational Choice Theory
- The scenarios each illustrate the principle of economics. Match each scenarios with the principle that best fits it You are currently in a labeling module. Turn off browse mode or quick nav, Tab to items, Space or Enter to pick up, Tab to move, Space or Enter to drop. On Black Friday, there are huge sales for electronics at many retail stores. David must decide between buying a camera at one store and buying a flat-screen TV at another store and buying one means he will lose the ability to purchase the other.An educational software company wants to expand the number of economics questions that it offers and is considering hiring another economist. It compares how much adding another worker will improve the product with the additional cost.To entice students to keep themselves up to date with economic current events, an instructor offers extra credit to students for participating in an online discussion forum, and this sparks a lively debate about environmental policy.…Define opportunity cost. What is your opportunity cost for attending a class at 11:00 am? How does it differ from your opportunity cost of attending a class at 8:00 am?Suppose that MASU managed to get Olivia Rodrigo to play a concert at Convocation Hall. Tickets cost $600. At the same time, Gheorghe Zamfir (The Master of the Pan Flute) is playing in Brunton Auditorium. Tickets cost $50. You've always wanted to see Zamfir, and consistently told your friends that you would pay up to $250 to see him in concert. What is your economic cost of going to the Olivia Rodrigo concert? Please provide your answer in monetary terms and show your reasoning.
- Production possibilities represent the various combinations of two goods that can be produced given (a) fixed resources and (b) fixed technology. All combinations on the production possibilities curve represent the full-utilization of resources. Any point inside the production possibilities curve indicates that resources are under-utilized and more output could be produced with the available resources. Any point outside the production possibilities curve indicates that the available resources can't support the production of the given output combination. At full-utilization of resources, the only way to increase the production of both goods is by shifting the production possibilities curve. Now consider my backyard garden. I have 100 square feet of allocated space for the vegetable garden which is my fixed resource. for simplicity, I am growing only two vegetables: tomatoes and eggplant. If I grow all tomatoes, I can get a total of 10lbs, and if I grow all eggplant 8lbs. By producing…A) What is Maria’s opportunity cost to obtain 20 cartons of Blueberries (Use Figure 3 above)? B) What is Maria’s opportunity cost for 10 cartons of Strawberries (Use Figure 3 above)? C) What is Maria’s opportunity cost for 1 carton of Strawberries (Use Figure 3 above)? Hint: Review Problems 10-19 (Session 1 Practice Problems)Suppose that you can purchase satellite TV service for a fixed monthly fee of $79, no matter how many hours of TV you watch. Assuming that the principle of diminishing marginal benefit applies to watching TV, the optimal (efficient) number of hours of TV to watch per month is: Group of answer choices Zero The number of hours where marginal benefits are zero. The number of hours where marginal cost is lowest. The number of hours where marginal benefits are maximized.