Explain opportunity cost. what importance is opportunity cost to the (a) Individual; (b) Firm; (c) Government

Q: B).What is Buffy's opportunity cost of running the store for a year? C).Buffy thinks she can sell…

A: Accounting cost just takes into account the cost that is paid to the external factors for renting…

Q: Define, describe and illustrate with an example the opportunity cost for a person setting up his own…

A: The possible reward that a consumer, entrepreneur, or organization loses out because of preferring…

Q: 2. For each of the following, identify the full cost (meaning opportunity cost) involved: a. Aaron…

A: Opportunity Cost is the cost of a certain good or service that a consumer could have obtained in…

Q: Define opportunity cost in three (3) words/phrases and explain why

A: Opportunity cost is forgone best alternative choice.

Q: How does the concept of opportunity cost apply to personal decisions when you have limited income…

A: Opportunity Cost : The opportunity cost is referred as a forgone benefit that would have been…

Q: Explain why using opportunity cost as a measure of the “cost” of something is better than using a…

A: Trade-off:The term trade-off refers to sacrificing one commodity in order to buy the other…

Q: Explanation and examples about (Principle two of economic): The cost of something is what you give…

A: Opportunity cost is the next best alternative foregone. So opportunity cost of product A would be…

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

Q: Fish (pounds) Berries What is his opportunity cost of a pound of berries when Crusoe increases the…

A: Given:- Production of berries increase from 21.0 pounds to 26.0 pounds. To calculate:- Opportunity…

Q: Opportunity costs exists only for durable goods? Explain if it’s correct or not.

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: What is the opportunity cost of moving from point I to point D? Explain.

A: The maximum output of two items utilizing a fixed amount of input is measured by a production…

Q: Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource

A: Since we only answer up to 3 sub-parts we will answer the first 3. Please resubmit the question…

Q: Why should the economic decision be based on the objective of making the best use of limited…

A: Economic decisions are the decisions by economic agents in order to sort out problems related to…

Q: what is the difference between the concept of trade off and opportunity cost?

A: For the given question, the difference between trade offs and opportunity cost need to be discussed.…

Q: ow do you define opportunity cost

A: We can characterize opportunity cost as the potential advantages that are lost when an individual,…

Q: Could you please provide an example (article) of the opportunity cost in real life and explain in…

A: Answer to the question is as follows:

Q: What is the opportunity cost of attending the current course (economics)? Discuss how you arrived at…

A: OPPORTUNITY COST can be defined as the loss of choosing something as you sacrifice something to…

Q: Q1: What is opportunity cost? Q2: Explain with example.

A: Opportunity cost is also known as displacement cost.

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: The resources used to make all goods and services are the * production possibilities. production…

A: Meaning of Production: The term production refers to the situation under which a firm occurs…

Q: What is the difference between opportunity cost and trade-off? Please explain.

A: Opportunity cost:- Opportunity cost denotes the value of the best choice that you give up. It can be…

Q: In the context of the production possibilities frontier, opportunity cost can be measured by the…

A: In the context of economic analysis, the production possibilities frontier (PPF) is a fundamental…

Q: Please explain opportunity costs

A: Opportunity cost is the value of the best replacement foregone when a choice is made. It represents…

Q: What is a trade off? How does economics decide on what must be produced? What is an opportunity…

A: Answer: What is a trade-off? Trade-off: trade-off refers to the situation where one choice or good…

Q: Explain what is meant by opportunity cost of choice

A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…