Opportunity cost is the net return that could be obtained from the second best alternative that has been rejected. good quality definition) 2. d. varies inv... Devaughn and Grace can produce forks and spoons according to the following schedule: If Grace makes 39 forks, how many spoons does she make? C. difference between the benefits fro... Why is opportunity cost important in capital investment decisions? 0deh B. gfeh C. dcf D. bed E. bed + 0deh. If this nation devotes all its resources and technology to produce good A, the maximum it can produce is 30 units in a... What are opportunity costs, and some examples in every day life? Assume you own an office building. She also keeps a close eye on her spending each week since she is in college and cannot afford the time to work too much. Their maximum outputs per hour are listed in the following table. Offer a likely explanation, using the concept of opportunity cost of leisure. B.... a. D. neither product. What is correct about __opportunity cost__? True or false? Go ahead and submit it to our experts to be answered. B. a normative statement. From the below options, what constitutes the largest opportunity cost? Opportunity cost is the benefits lost from taking a decision. Suppose a student has 3 hours of time to spend at her apartment before afternoon classes. Which of the following statements is false? What is Japan’s opportunity cost of making cars? To play hockey, youd have to give up baseball, to play baseball youd have to give up hockey. d. time needed t... Every time we have to make a choice we are faced with an opportunity cost. Identify his opportunity costs. Ashanti can walk six dogs or mow three lawns in two hours. Hal currently works as the fry guy at Burger Haven but is thinking of quitting his job to attend college full-time next semester. When goods are produced through government enterprises, their opportunity cost is a. the tax revenues used to subsidize the government enterprises. It can be given a monetary value. Which of the following is the best definition of the opportunity cost of a decision? Use formulas or diagrams that could complete your description. The term "opportunity" in opportunity cost of capital comes from the fact that any worthwhile opportunity for investment will have a cost: the risk to the capital invested. If Jason goes skiing, he would wear the ski jacket he purchased last year... What is the opportunity cost going from point A to point B? Would your choice change? Lost revenues from regula... A company loses revenues from regular customers by accepting a special order when operating at capacity. Your uncle is thinking about opening a hardware store. b. In the country of Zana, a unit of labor can produce 4 units of good X or 2 units of good Y; in the country of Bren, a unit of labor can produce 2 units of good X or 1 unit of good Y. is one of the most important concepts in economics and is the basis of all economic decision making. If you choose to play tennis on Monday morning and the next best alternative for use of your morning is studying, then a. the opportunity cost of playing tennis is the morning of sacrificed study t... Leland Manufacturing uses 10 units of Part Number KJ37 each month in the production of radar equipment. An opportunity set is: a. the group of available options open to a consumer. 2 breads. B) there will be... Heston and Burton, CPA's, currently work a five-day week. Devaughn and Grace can produce forks and spoons according to the following schedule: If Grace makes 1 spoon, how many forks does she make? b. An opportunity cost is associated with using a resource in one activity instead of another. The tickets have no resale value. The highest-valued alternative that must be given up to engage in an activity is the definition of _____. *a. If you behave economically, chances are you will engage in the activity with the lowest opportunity cost. Katya can knit 6 scarves per hour and 6 hats per hour. Opportunity cost is the benefits lost from taking a decision. The total amount of ca... A University offers a free shuttle service around campus. If you own a condo and you decide to lease it to your cousin, A. there is not an opportunity cost of leasing the condo because you own it. coffee? Suppose you have three options for the last $5 in your pocket: a cappuccino you value at $6, a smoothie you value at $7, and a frog. True or false? (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='SUBJECT';ftypes[1]='radio';}(jQuery));var $mcj = jQuery.noConflict(true); “I’m just so grateful without your site I would have crumbled this year” The opportunity cost of attending college for a year is measured by a. the benefit received by the student. Suppose you can purchase milk for $3 a gallon or eggs for $1.50 per dozen. The table shows a farm's production possibilities. Topics include supply and demand, consumers, producers, scarcity, opportunity cost, goods and services, interdependence, and resources (human, natural, capital). Both the heart rate monitor and running shoes cost $120, so he can only buy one. Given a budget of 5 hours studying Math and Economics exams, what is the maximum possible combined test score could this student earn? In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. You have a sa... What is meant by the opportunity cost of an item or activity? Consider two areas that, A and B, that each can grow coffee and tea. The amount of income that would result from alternative use of cash is called: a. differential income b. sunk cost C. differential revenue d. opportunity cost. Restaurants, bars, and convenience stores are often located near college campuses. The opportunity cost of holding money: a. is zero because money is not an economic resource. The opportunity cost of any activity can be measured by the a. value of the best alternative to that activity. The evaluation of choices and opportunity costs is subjective; such evaluations differ across individuals and societies. Emphasise: People’s values differ. 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