Explain why using opportunity cost as a measure of the “cost” of something is better than using a money value to an economist.

Q: Which of the following are examples of opportunity cost?  (please choose all the answers that are…

A: Opportunity cost refers to the best given up values among the alternate in the process of gaining…

Q: Is this a good example of opportunity cost? “In 2019, I started my small business by selling prints…

A: Opportunity cost is the cost or the value of the next best alternative that is given up.

Q: Explain why it would cost Rafael Nadal or Venus Williams more to leave the professional tennis tour…

A: A cost that occurs without the exchange of money and that is not documented for accountancy purposes…

Q: According to Adam Smith, the butcher, the baker, and the brewer do what they do because of…

A: Adam Smith economic theory: Adam Smith is a philosopher who has given a theory that market tends to…

Q: In general, managerial economics refers to the integration of economic theory with business: (A)…

A: Meaning of Economics: The term economics refers to the situation under which there remain…

Q: Give an example of an opportunity cost that an accountant would not count as a cost. Why would the…

A: Opportunity cost, in economics, is related to the concept of scarcity and represents the potential…

Q: What is Bill's opportunity cost for a pound of berries? Enter a value without commas, symbols or…

A: Opportunity cost in general terms can be understood as the benefits of a good or commodity lost due…

Q: Rather than have all the tasks in a production setting being done by the same person, but by…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…

Q: Which expression is another way of saying "marginal cost"?                Scarce resources…

A: Marginal cost is the increment in total cost for producing additional units of a commodity. It is…

Q: Give one limitation of marginal analysis and explain why?

A: As economies emerged, goods and services were produced that required machinery and labor. With time,…

Q: Discuss one or more examples of an opportunity cost an accountant might not count as a cost.  As…

A: Opportunity costs represent forgone benefits from a next best alternative.

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: Complete the following table by computing the opportunity cost of Juanita's time and the total cost…

A: The opportunity (OC) cost is an important concept in microeconomics. It is the loss of possible gain…

Q: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…

A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.

Q: What are the merits of inductive method? Briefly discuss what are the shortcomings of this method in…

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Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…

A: Answer: Given, Name Production of interviews in 2 hours Production of files of paperwork in 2…

Q: s this an example of opportunity cost? “To begin, I began selling prints of my pictures in 2019…

A: The cost or value of the next alternative which is best being given up is known as the cost of…

Q: .Answer the following given the information below and Product price $2.50, Labor cost = $15, Capital…

A: Producer has the objective of profit maximization and it is achieved where marginal rate of…

Q: Suppose that, in starting a new business, you leave your current job at a healthcare company that…

A: Opportunity cost represents the forgone benefits from the next best alternative. It is also known as…

Q: What is sweetens opportunity cost of manufacturing 1 million cars per year?

A: Sweetens is a person who makes sweets. This implies the quality and skills of sweetens is to make…

Q: Huey can wash 6 cars or mow 3 lawns in one hour. Dewey can wash 3 cars or mow 3 lawns in one hour.…

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Q: if Colin always gives up producing 2 fidget spinners every time he produces a Pokemon card what  is…

A: Opportunity cost refers to the cost of the next-best alternative foregone while making a decision.…

Q: When economists measure costs they do not include implicit or opportunity costs. True O False

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: It is clear that productive inefficiency is a waste since resources are being used in a way that…

A: Productive inefficiency means that the same output can be produced at a lower cost of production. It…

Q: Difference between opportunity cost and money cost

A: In economics, cost is the monetary value of material resources, time and effort expended, and risks…

Q: opportunity cost of 1

A: The ‘comparative advantage’ states that the country trade with each other with that good in which…

Q: The rule of equating marginal benefit with marginal cost is proper for economics. Is this true?

A: The deep insight of the principle of microeconomics also has a field of environmental economics.…

Q: In economics, the cost of production is defined as the expenditures incurred to obtain the factors…

A: Economics cost includes both explicit costs and implicit costs i.e. opportunity costs.

Q: Explain the difference between a direct cost and an opportunity cost. Illustrate the difference of…

A: * Difference between a direct cost and an opportunity cost:-  1) Direct costs are expenses that need…

Q: QUESTION 7 In the first chapter of The Wealth of Nations, Smith introduces the idea of the which…

A: Adam Smith is one of the principal defenders of Modern financial matters who is otherwise called the…

Q: Elinor Ostrom and Oliver Williamson are the Nobel Prize Laureates in Economics in 2009. Do you know…

A: To find : Year of publish.

Q: Opportunity cost You decide to spend $80 on some great shoes and do not pay your electric bill

A: Opportunity cost is defined as the cost of something which is sacrificed for the other thing &…

Q: Discuss about the concept of marginal cost using your own example?

A: Meaning of Cost: The term cost refers to the situation under which a firm occurs various expenses…

Q: Carefully define the notion of opportunity cost. Use this notion to explain the following phenomena:…

A: "Since you have asked a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Hi! We this for our Microeconomics course. We are tasked to analyze the following. Please help me…

A: The supply curve shows the positive relationship between the price and quantity supplied. The demand…

Q: Explain why the marginal cost of production must increased if the marginal product of the marginal…

A: The marginal cost of production refers to the change in total cost due to produce an extra unit of…

Q: What are the items that make opportunity cost differ from the accountant's measure of cost? A firm's…

A: A firm's opportunity cost is the cost foregone in terms of the next best alternative to pursue the…

Q: If production increases, what happens to average total cost (ATC), does it increase only, decrease…

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Q: Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total…

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Q: Consider Babs and Donna, who can each produce cake, beer, or some combination of the two using only…

A: In economics, opportunity cost represents one's sacrifice or foregone income when he choose an…

Q: Resources are scarce because which of the following are limited:   Question 10 options:   A)…

A: Economics deals with the allocation of scarce resources among alternative uses to satisfy human…