Here are three things that you could do if you do not attend your next-door neighbor's barbecue: watch television with some friends (you value this at $8), read a good novel (you value this at $4), or go in to work (you could earn $6 during the barbecue). The opportunity cost of going to your neighbor's barbecue is A. $6, because this is the only alternative of the three where you actually receive a monetary payment. B. $4, because this is the lowest dollar figure. C. $8, because this is the highest valued alternative forfeited. D. $18, because this is the total dollar sum of all the alternatives forfeited.   2. If the price elasticity of demand for a good is elastic, then if a firm wants to increase their total revenues from selling that good, it should A. increase the price of the good. B. decrease the price of the good.

Q: Juanita makes $30 an hour at work. She has to take time off work to purchase her skirt, so each hour…

A: Opportunity cost is the cost of the sacrifice of the benefit that would have been gained from the…

Q: each. You are choosing between a UofT hoodie and a Roots hoodie. They both cost $45 Suppose the…

A: Opportunity cost is the cost of giving up the value of the next best choice when choosing to commit…

Q: Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics…

A: Given: Sandy can produce 10 economics reports or 2 sales calls Tim can produce 2 economics reports…

Q: heighborhood lawns for extra money. Suppose that he would be willing to mow one lawn for $13, a…

A: A consumer surplus happens when the price consumers pay for an item or service is not exactly the…

Q: Lucinda collects Beanie Babies, and can afford to buy up to six Beanie Babies. The table below…

A: A consumer's utmost willingness to pay for an additional commodity or service is known as the…

Q: Aaron and his friends Britney, Carlos, Diana, Emily, Frank, Gwen, Hugo, Isabela, and Juliana have…

A: 10 friends have 2 weekend activities to do mentioned below:ParkHot TubBenefit received by each…

Q: There are two people: Brandon, who is really, really good at cleaning front yards and mowing lawns;…

A: Let us prepare the matrix of the given information   Cleaning Front Yard (C) Mowing Lawn (M)…

Q: Question 4 The COVID-19 pandemic has created a surge of patients going to hospitals, at times…

A: During the COVID 19, with the healthcare implications and with the rising demand of the hospital…

Q: A friend invited you for dinner. At the same time, you could be working overtime making $15 per…

A: Opportunity cost is defined as the cost incurred by any individual when benefits associated with the…

Q: The table below compares the marginal benefit Lucinda gets from Kewpie dolls and Beanie Babies.…

A: Marginal benefit or marginal utility is the change in total benefit/satisfaction derived from…

Q: Suppose there are two individuals, Casey and Rick, who live in a very simplified world where only…

A: Opportunity cost (OC) of one good (commodity) in terms of other is the units of production of…

Q: Suppose you have a choice to go to a Katy Perry concert or a Lady Gaga concert on Friday night. You…

A: Opportunity cost of an activity is the forgone benefits from the next best alternative.

Q: Bart Simpson has $50 that he is thinking of using to buy a new skateboard. Instead, he could use it…

A: Opportunity cost:  The value or benefit sacrificed when participating in one activity over another…

Q: Suppose you and a friend are stranded on an island and must gather firewood and catch fish to…

A: An opportunity cost is a potential benefit that someone loses out on when selecting a particular…

Q: 5 months ago, Hannah moves into New Oaks Village to live with her sister. The residents of New Oaks…

A: Free rider problem:  Free rider problem arises in case of public goods which have non rivalrous (it…