1. Opportunity Cost:Suppose you'd be willing to pay 10$ to take a nap on Friday evening. You could instead go see a moviewith a friend, tickets cost 10$ but you'd be willing to pay 20$ to see the movie.a. What would be the opportunity cost of taking a nap instead of going to a concert?2. For each of the following scenarios:Does the demand curve or supply curve shift? which direction?Describe what happens to the market price and total number of goods traded in the market.a. The market for coffee ground is wildfires burn up much of the coffee crop in northern South AmericaMacBook Pro

Opportunity cost refers to the cost of best next foregone. It is the cost of something that has to…

1. Opportunity Cost: Suppose you'd be willing to pay 10$ to take a nap on Friday evening. You could instead go see a movie with a friend, tickets cost 10$ but you'd be willing to pay 20$ to see the movie. a. What would be the opportunity cost of taking a nap instead of going to a concert?

1. Opportunity Cost: Suppose you'd be willing to pay 10$ to take a nap on Friday evening. You could instead go see a movie with a friend, tickets cost 10$ but you'd be willing to pay 20$ to see the movie. a. What would be the opportunity cost of taking a nap instead of going to a concert?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Opportunity Cost:
Suppose you'd be willing to pay 10$ to take a nap on Friday evening. You could instead go see a movie
with a friend, tickets cost 10$ but you'd be willing to pay 20$ to see the movie.
a. What would be the opportunity cost of taking a nap instead of going to a concert?
2. For each of the following scenarios:
Does the demand curve or supply curve shift? which direction?
Describe what happens to the market price and total number of goods traded in the market.
a. The market for coffee ground is wildfires burn up much of the coffee crop in northern South America
MacBook Pro

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1 Describe some of the trade-offs faced by each of the following: a. a family deciding whether to buy a new car b. a member of Congress deciding how much to spend on national parks c. a company president deciding whether to open a new factory d. a professor deciding how much to prepare for class e. a recent college graduate deciding whether to go to graduate school 2. You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs? 3 The company that you manage has invested $5 million in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the…
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