2. Which of the following statements about theconcept of opportunity cost is false? A) Some decisionsinvolve greater opportunity costs than others. B) Theopportunity cost of a decision is the net benefitforegone by not undertaking the next best alternative. C) All decisions have opportunity costs. D) Theopportunity cost of some decisions is zero.

The objective of the question is to identify the false statement about the concept of opportunity…

Answered: 2. Which of the following statements…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Lashed is a college student and lives off a budget of $100/week. She spends all of it on Chipotle meals and/or Starbucks. Her Chipotle meal costs her $10 and her Starbucks bucks drink costs her $6. Calculate the opportunity costs of one of her Starbucks drinks in terms of Chipotle meals. Write your answer as a whole number or using decimals. For instance, 2, 3, 0.4, 0.8, 1.5, etc.
"If I didn't have class tonight, I would save the $4 campus parking fee and spend four hours at work where I earn $10 per hour." The opportunity cost of attending class this evening is: a)$0 b)$4 c)$40 d)$44
Opportunity cost is the expected benefit from: A) All possible choices sacrificed and is objectively measured. B) An individuals' second best choice and is subjectively measured. C) An individual's second best choice and is objectively measured. D) All possible choices sacrificed and is subjectively measured.
(1) Sergei had to decide among watching a two-hour movie with a cost of $20, buying a book to read for $10 that would take about four hours to read, and going to a three-hour concert for $30. If he considers the benefit of each situation to be proportional to the amount of time, with a value of about $50 per hour, what is the opportunity cost of the best decision A) $190 B)$150 C)$120 D)$80
1) You own a DVD of the film 'A Beautiful Mind'. The opportunity cost of watching the DVD the second time A) is one-half the cost of the DVD, since this is the second time you have watched it. B) the amount of money you could get from selling the DVD after watching it the first time. C) is the value of the best alternative use of the time you spend watching the DVD on this occasion. D) is zero as you already own the DVD.
2. Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of sneakers that she has been researching online, and also the best place to make her purchase. Three different stores in the area sell the sneakers she likes, but some stores are more convenient for Ciana to reach than others. One option is her local shoe store located only 15 minutes away from where she works, where they charge a marked-up price of $112 for the sneakers: Ciana earns an hourly wage of $42 at her job. In order to purchase her sneakers she will have to take time off work, so each hour away from her job costs her $42 in lost income. Assume that Ciana’s travel time is the same each way (to and from the store) and that it will take her 30 minutes once she reaches a store to complete her shopping. Assume throughout the question that Ciana incurs no additional costs other than the sneakers, such as gas. Complete the following table by computing the opportunity cost of…
It's one question but since it's big I attached two photos. For this question "Assume that Juanita takes opportunity costs and the price of the suit into consideration when she shops. Juanita will minimize the cost of the suit if she buys it from the ______. The drop-down answers have these choices. a) store in the neighboring city b) local department store c) local department store
Suppose Barry Wayne has a budget of $120 and is deciding between purchasing membership to Hulu which costs $40 and Netflix which costs $201. Graph the line that demonstrates your example. Be sure to label the y -axis, x - axis, line, and how to identify the opportunity cost in the graph. 2. Calculate the opportunity cost. 3. Show what will happen graphically if Barry Wayne lowers the budget from $120 to $80 4. Explain how the opportunity cost changes in your graph
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)
3. Evaluating opportunity costs Janet and Felix need to decide which one of them will take time off from work to complete the rather urgent task of changing the brakes on their car, Janet is pretty good at car repairs; she can change the brakes in 30 minutes. Felix is somewhat slow; it takes him 5 hours to change the brakes. Janet earns $160 per hour as a psychlatrist, while Felix earns $20 per hour as a cobbler. Keeping in mind that either Janet or Felx must take time off from work to change the brakes, who has the lowest opportunity cost of completing the task? O Janet and Felix face equal opportunity costs O Felix O Janet
2. Determining opportunity cost Juanita is deciding whether to buy a skirt that she wants, as well as where to buy it. Three stores carry the same skirt, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, Discounted price located 15 minutes away from where she works, and pay a Marked-up price marked-up price of $122 for the skirt: Juanita's office Original price Travel Time Each Way Price of a Skirt Store (Minutes) (Dollars per skirt) Local Department Store 15 122 Across Town 30 90 Neighboring City 60 78 Juanita makes $60 an hour at work. She has to take time off work to purchase her skirt, so each hour away from work costs her $60 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by…
Max has 3 options of what to do in the afternoon. A) play ultimate frisbee which he values at $40 and is free; B) Go to CrossFit which he values at $30 and costs $12 to do C) Lift at his home gym which he values at $20 and is free. He chooses to play ultimate frisbee. What are his opportunity costs in this example? $50 $40 $38 $30 $20 $18

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