Relevance of opportunity cost .

Question

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Answer 1

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Students have asked these similar questions

Shannon has decided to spend less time on social media because she needs to improve her grades. What might be the opportunity cost of her decision?

After 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 opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and money

Answer 2

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Answer 3

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Answer 4

Question

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 6

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Answer 7

Chapter 2, Problem 1.1P

Subpart (a)

To determine

Relevance of opportunity cost.

Answer 8

Subpart (a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Answer 9

Subpart (a)

Expert Solution

Answer 10

Subpart (a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo or give up when a decision or choice has to be taken.

Answer 13

Subpart (b)

To determine

Relevance of opportunity cost.

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 14

Subpart (b)

To determine

Relevance of opportunity cost.

Answer 15

Subpart (b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Answer 16

Subpart (b)

Expert Solution

Answer 17

Subpart (b)

Expert Solution

Answer 18

Expert Solution

Answer 19

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 20

Subpart (c)

To determine

Relevance of opportunity cost.

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 21

Subpart (c)

To determine

Relevance of opportunity cost.

Answer 22

Subpart (c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Answer 23

Subpart (c)

Expert Solution

Answer 24

Subpart (c)

Expert Solution

Answer 25

Expert Solution

Answer 26

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 27

Subpart (d)

To determine

Relevance of opportunity cost.

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 28

Subpart (d)

To determine

Relevance of opportunity cost.

Answer 29

Subpart (d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Answer 30

Subpart (d)

Expert Solution

Answer 31

Subpart (d)

Expert Solution

Answer 32

Expert Solution

Answer 33

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 34

Subpart (e)

To determine

Relevance of opportunity cost.

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 35

Subpart (e)

To determine

Relevance of opportunity cost.

Answer 36

Subpart (e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Answer 37

Subpart (e)

Expert Solution

Answer 38

Subpart (e)

Expert Solution

Answer 39

Expert Solution

Answer 40

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 41

Subpart (f)

To determine

Relevance of opportunity cost.

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 42

Subpart (f)

To determine

Relevance of opportunity cost.

Answer 43

Subpart (f)

Expert Solution

Explanation of Solution

Opportunity cost of watching a game is the value of alternative use of time like studying, sleeping etc.

Answer 44

Subpart (f)

Expert Solution

Answer 45

Subpart (f)

Expert Solution

Answer 46

Expert Solution

Answer 47

Economics Concept Introduction

Concept introduction:

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 48

Ch. 2 - Prob. 1.1P Ch. 2 - Prob. 1.2P Ch. 2 - Prob. 1.3P Ch. 2 - Prob. 1.4P Ch. 2 - Prob. 1.5P Ch. 2 - Prob. 1.6P Ch. 2 - Prob. 1.7P Ch. 2 - Prob. 1.8P Ch. 2 - Prob. 1.9P Ch. 2 - Prob. 1.10P

Relevance of opportunity cost .

Concept explainers

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

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Chapter 2 Solutions