Is there a pattern in opportunity cost changes?

Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…

A: A. Opportunity cost refers to the value of something that must be given up to get the other goods…

Q: Which of the following statements do you think reflect sound economic thinking? Explain your answer.…

A: Economic thinking is a way of analyzing economic phenomena. It is a process of examining the choices…

Q: None

A: Approach to solving the question:1. Define opportunity cost as the value of the next best…

Q: According to the fallacy of composition, "What is true for one is not true for all." Select one:…

A: The Fallacy of Composition is a logical error that occurs when one incorrectly assumes that what is…

Q: Explain why the fixed cost has no influence at all on marginal cost.

A: In the short run, a firm will have two types of cost: fixed cost and variable cost. Total variable…

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: What are diminishing marginal returns? Using a diagram you have learned show and explain diminishing…

A: A production function shows the unique relationship between inputs and outputs. The change in output…

Q: The term "opportunity cost" points out that *

A: In economics, there are different types of costs associated with a specific economic activity and…

Q: Your Econ. Professor bought airline tickets to leave a conference early on Saturday morning. He…

A: He brought the airline ticket to leave a conference early on Saturday morning. But when he found…

Q: What "Economic profits are positive or negative " mean in terms of opportunity cost?

A: Opportunity cost defines the value of the next best choice that is given up when making a choice. It…

Q: hy does more inputs not necessarily translate into more output?

A: An input is something placed into a framework or interaction, while an output is produced or created…

Q: If the average-total-cost curve is falling, what is necessarily true of the marginal-cost curve? If…

A: Costs of production, which comprise expenses of many kinds, are incurred during the production of…

Q: Discuss the elements that unsettle the learning curve?

A: Learning curve represents the graphical relationship between learning efforts of a worker and the…

Q: Define the economic principle of opportunity cost.

A: When another item or activity is chosen, an opportunity cost is described as the amount of a…

Q: Attempts Average / 1 1. Understanding opportunity cost You work as an assistant coach on the…

A: Earnings per hour as a coach=$13 Carnival admission fees=$9 Attending the carnival includes two…

Q: If the average-total-cost curve is falling, what is necessarily true of the marginal-cost curve? If…

A: Total Cost is equal to the sum of both fixed and variable costs. Fixed Cost remains fixed for all…

Q: What explains the shape of the average and marginal cost curves?  Is it linked to any production…

A: Marginal cost is the measurement of change in total cost with the increment of quantity produced by…

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: Jonathan is deciding whether to study for his economics exam at a café or go to a concert with…

A: In economics, opportunity cost refers to the value of the next best alternative that is foregone…

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: What is the difference between explicit and implicit costs in economics?

A: Explicit costs are the immediate, personal installments a business makes to work, like wages,…

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: Why is economic cost known as opportunity cost? What are included in economic costs?

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…

Q: A consultant who earns $ 100 per hour takes 4 hours off work to go to the movies. The out – of-…

A: Total cost refers to the sum of Fixed and variable cost. Fixed cost is the cost that remains same at…

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.…