Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this land in 1951. Today, land in this area sells for $200,000 per square metre. So what will be the opportunity cost to Carlos if he keeps the land?

Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this land in 1951. Today, land in this area sells for $200,000 per square metre. So what will be the opportunity cost to Carlos if he keeps the land?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: 0. What price should you charge in order to earn a profit of $2600? ume linear demand. should charge…

A: The price of $34.08 per sweatshirt, 110 shirts are sold. Then to sell 330 sweatshirts the price is…

Q: what is the meaning of a research instrument

A: The word "research instrument" refers to any device you may employ to gather, measure, and analyse…

Q: Marty used to be a bartender making $5,000 a year but he quit in order to become a clown that does…

A: Explicit Costs are the actual monetary payments made in cash while conducting the business…

Q: you have been working as a manager of a fashion store. You saved 50,000 and you decided to use the…

Q: Mario wants to expand the market for his specialty line of clothing, but he doesn't have the funds…

A: The objective of the question is to identify a cost-effective channel for Mario to expand his…

Q: Are luxury and sustainability compatible?

A: The findings reveal that luxury customers have mixed attitudes about sustainability, believing that…

Q: Productive forces are Energy, equipment, and technology. The economic laws regulating the process…

A: Production factors:- Production forces are the resources used throughout the manufacturing process…

Q: Is real estate BEST viewed as a commodity or a resource? Defend your position on why?

A: According to me, real estate is viewed as a resource not as a commodity. This is because a commodity…

Q: Which of the following is not something you need to consider when planning for retirement how much…

A: The consumption smoothing is an important concept in consumer behaviour where an individual…

Q: What is a disadvantage to having a Command economy?

A: A command economy is an economic system where the government determines all economic decisions like…

Q: How do I graph the amount of fertilizer that needs to be added to an acre of land and the amount of…

A: A graph is a visual representation of information that is used to show the relationship or pattern…

Q: Questions: Directions: Use the graph to answer the questions that follow $1,700.00 $1.600.00 $1.500.…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Explain complex economic concepts to a reporter through an email pitch.

A: Hi [Reporter's Name],I hope this message finds you well. I would love to discuss two key economic…

Q: You've decided to sell sweatshirts for the upcoming game. You project that at a price of $36.48 per…

A: Profit is maximized at a point where marginal revenue is equal to marginal cost.

Q: Henry and Harper decide to open a concession stand next to a city park that has a number of sports…

A: In economics, profit refers to the difference between revenue that an economic entity has received…

Q: In many areas, the cost of real estate is increasing at an increasing rate. Many homes are being…

A: In a dynamic, free market, the mortgage lenders compete to acquire customers, which either increases…

Q: What advantages does the Cotton Gin have over previous technologies?

A: A cotton gin is a machine that separates cotton fibers from their seeds fast and efficiently,…

Q: ? The land used to produce the clean energy technology that could have been used to produce…

A: Opportunity cost represents the forgone benefits from next best alternative when a decision is made.…

Q: Don Juan Perez runs a seafood restaurant. His total income last year was $150,000. The rent was…

A: Utility: Utility is simply the wants satisfying power of a good. In simple words utility is the…

Q: Would this be a current example?

A: Homesteading is a situation when a person does not want to use money and thus, use barter system for…

Q: A Caterpillar tractor one of the largest farm machinery in the world has requested for your services…

A: Meaning of Monopoly: The term monopoly refers to the situation under which there is only an…

Q: Bread is always a consumer goods True/False

A: A good being produced by a business and being bought by a consumer as a final good is known as…

Q: A hypothetical country of Lahland produces only movies and popcorn. Quantities and prices of these…

A: Real GDP is calculated on the basis of base year price, which is the price exist in in the year…

Q: You are considering opening a pizza restaurant in your town. Describe the production process that…

A: A supply chain is the network of organizations, people, activities, information, and resources…

Q: You are choosing between buying a home or continuing to rent. You value the home at $1,000,000 (one…

A: Answer: The buyer values the house at $1,000,0000. So, Willingness to pay = $1,000,000 Cost of house…

Q: What is the impact of new technology?

A: The economy of a country will grow faster when positive changes in the economy occur. It can be…

Q: Can personal ethics be construed as the same as professional ethics?

A: Combined economics with ethics, economic ethics is a value judgment-based approach to economic…

Q: None

A: To understand how Dmitri's performance changes over time, he can use a simple table to track the…

Q: Which of the following best describes why the Hours of Service Regulations were put into place? O To…

A: The driver test is important to ensure the safety of peope with having the all relevant information.…

Q: There are 15 dozen eggs in a case. The case costs $ 22.56. What doe one egg cost?

A: A dozen consists of 12 units, so we first calculate total number of eggs 15 dozens=15×12=180

Q: pportunity co

A: Opportunity fee refers to the price of the next great opportunity that is forgone while a choice is…

Q: List the multiple factors that affect a company's market value?

A: Market esteem/value (otherwise called OMV, or "open market valuation") is the value a resource would…

Q: Justin builds furniture for a living. Justin's out-of-pocket expenses (for wood, paint, etc.) plus…

A: The objective of the question is to identify the economic term that represents Justin's…

Q: is currently earning $44,000 a year. He has worked for this firm for 5 years. He is considering a…

A: If Mark takes the job and attends the Ph.D program, he will have to give up the salary which he is…

Question

Carlos inherited a plot of land from his grandfather. His grandfather paid $1,000 in cash for this land in 1951. Today, land in this area sells for $200,000 per square metre.
So what will be the opportunity cost to Carlos if he keeps the land?

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Answer and explanation.

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

At a military base in Texas, Corporal Stan Moneymaker has been offered a wonderful savings plan. These are the salesperson’s words: “During your 48-month tour of duty, you will invest $200 per month for the first 45 months. We will make the 46th, 47th, and 48th payments of $200 each for you. When you leave the service, we will pay you $10,000 cash.” Is this a good deal for Corporal Moneymaker? Use the IRR method in developing your answer. What assumptions are being made by Corporal Moneymaker if he enters into this contract? ( please solve the ırr method not excel solution)
Does the Broader Diversification reduce the rate?
If no funds are available for investment, what can the firm do?
Why is it important to use Cash Flows in Economic Analysis?
Raad wants to sell his workout DVDS in the Middle East, Asian, and Latin African countries. will help him reach vendors abroad, without the expense of traveling to meet them face-to-face. A website and other technological advances B. Partnering with a large U.S recording studio C. The SBA (Small Business Administration) D. An incubator facility
Pick a global company that you like and from which you frequently purchase products. Research the socially responsible practices of this company and write a paragraph about the company's practices and whether or not you will continue purchasing from them
Answer this question
what medium can you recommend or suggestion in smart livestock and conventional farming?
Which divisions of the business spent their money on products and services that were correctly budgeted for?
Does only making money advance the automobile’s goals or are there perhaps additional reasons that you can name and discuss in detail.
How can the franchising industry best maximize its impact on the world of business in the coming years?
What type of resources you find to be scarce in canada?