Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the opportunity cost of Apple Air Pods in terms of reusable straws? Group of answer choices 5 reusable straws 4 reusable straws 1/4 of a reusable straw $25 25 reusable straws

Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100. What is the opportunity cost of Apple Air Pods in terms of reusable straws? Group of answer choices 5 reusable straws 4 reusable straws 1/4 of a reusable straw $25 25 reusable straws

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter18: Public Economy

Section: Chapter Questions

Problem 6SCQ: Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first,...

See similar textbooks

Related questions

Q: Water rescue situation Determine what should be done first and last as well as the available…

A: Water rescue is any episode that includes the expulsion of casualties from any waterway other than a…

Q: 3. A layperson says that a proposed government project simply costs too much and therefore shouldn’t…

A: Answer - "Thank you for submitting the question.But, we are authorized to solve one question at a…

Q: How many plates of claims will Bob consume in total?

A: The consumption done by the individual provides the marginal benefit to the consumer and the…

Q: A nation can produce two products: tanks and autos. The table below is the nation's production…

A: At point B, 1 unit of Tank and 950 units of Autos are being produced. At point A, 0 units of Tank…

Q: How do you calculate marginal benefits? For example, what are the marginal benefits of consuming a…

A: The marginal benefits show the incremental change in benefit to a consumer by consuming one…

Q: 1. Factory does not insta scrubber. -armer uses south field croc Damage (S= 120 Farmer cost ($=0…

A: Willingness to pay (WTP) is a concept used in economics and decision-making to measure the maximum…

Q: local fair charges a $15 entry fee and $1.75 per ride. Dustin has $35 to spend. What is the maximum…

A: A budget refers to a financial plan or estimate that outlines projected income and expenses over a…

Q: The city is contemplating making street improvements on a street with only two residents. The…

A: The evaluation of a project's efficiency involves weighing the added benefits against the extra…

Q: Cho is a skilled toy maker who is able to produce both boats and puzzles. She has 8 hours a day to…

A: Opportunity cost is the cost of second best alternative foregone. It is also sometimes known as…

Q: 4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification…

A: A good is nonrival when its availability does not decrease by the other people’s consumption. A good…

Q: Juanita is a talented artist who sells hand-crafted goods on her website. Juanita currently crafts…

A: Opportunity cost is the cost of producing 1 good in terms of another.Opportunity cost shows the…

Q: Nash equilibria

A: (a) Players:Player 1: You (choosing between running together or solo)Player 2: Your friend (choosing…

Q: Identify the curve that represents the regular gasoline vehicle and hence determine the range of…

A: Fixed cost is the cost that is independent of the fuel consumed. On the other hand, the variable…

Q: Below is the productivity per worker (kilos per day) in the wheat and bean industries of Caledonia…

A: Opportunity Cost: It refers to the foregone revenue on the next best alternative if we pick a…

Q: Suppose f(p) is the number of sandwiches they sell at price p. From the short experience of working…

A: If f(p) represents the quantity of sandwiches sold, it is represents the the quantity of sandwiches…

Question

Suppose the price of reusable straws is $25 and the price of Apple Air Pods is $100.

What is the opportunity cost of Apple Air Pods in terms of reusable straws?

Group of answer choices

5 reusable straws

4 reusable straws

1/4 of a reusable straw

$25

25 reusable straws

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

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 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

What are the similarities between a consumers budget constraint and societys production possibilities frontier, not just graphically but analytically?
Would a research study on the effects of soft drink consumption on childrens cognitive development he a positive or normative statement?
Jeremy is deeply in love with Jasmine. Jasmine lives where cell phone coverage is poor, so he can either call her on the land-line phone for five cents per minute or he can drive to see her, at a roundâ€”trip cost of 2 in gasoline money. He has a total of 10 per week to spend on staying in touch. To make his preferred choice, Jeremy uses a handy utilimometer that measures his total utility from personal visits and from phone minutes. Using the values in Table 6.6, figure out the points 011 Jeremys consumption choice budget constraint (it may be helpful to do a sketch) and identify his utility-maximizing point.
If the price of a pie is 12, what is the maximum number of pies she could buy in a week?
Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am always telling them to tidy it. Here are the costs and benefits to both Becky and Sarah, of taking the time to clean their room: If both Becky and Sarah clean, they each spends two hours and get a clean room. If Becky decides not to clean and Sarah does all the cleaning, then Sarah spends 10 hours cleaning (Becky spends 0) but Sarah is exhausted. The same would occur for Becky if Sarah decided not to cleanâ€”Becky spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. What is the best outcome for Becky and Sarah? What is the worst outcome? (It would help you to construct a prisoners dilemma table.) Unfortunately, we know that the optimal outcome will most liker not happen, and that the sisters probably will choose the worst one instead. Explain what it is about Beckys and Sarahs reasoning that will lead them both to choose the worst outcome.
During the Second World War, Germanys factories were decimated. It also suffered many human casualties, both soldiers and civilians. How did the war affect Germanys production possibilities curve?
Explain why individuals make Choices that are directly on the budget constraint, rather than inside the budget constraint DI outside it.
What are four responses to the claim that people should not behave in the way described in this chapter?
Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits include environmental, recreational, health, and industrial benefits.) Using the information in Table 12.8, calculate the marginal costs and marginal benefits of reducing sewage emissions for this city. See Production, Costs and Industry Structure if you need a refresher on how to calculate marginal costs. What is the optimal level of sewage for this city? Why not just pass a law that films can emit zero sewage? After all, the total benefits of zero emissions exceed the total costs.
What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?
Praxilla, who lived in ancient Greece, derives utility from reading poems and from eating cucumbers. Praxilla gets 30 units of marginal utility from her first poem 27 units of marginal utility from her second poem 24 units of marginal utility from her third poem, and so on, with marginal utility declining by three units for each additional poem. Praxilla gets six units of marginal utility for each of her next three cucumbers consumed, five units of marginal utility for each of her next three cucumbers consumed, four units of marginal utility for each of the following three cucumbers consumed, and so on, with marginal utility declining by one for every three cucumber consumed. A poem costs three bronze coins hut a cucumber costs only one bronze coin. Praxilla has 18 bronze coins. Sketch Praxillas budget set between poems and cucumbers, placing poems on the vertical axis and cucumbers on the horizontal axis. Start off with the choice of zero poems and 18 cucumbers, and calculate the changes in marginal utility of moving along the budget line to the next choice of one poem and 15 cucumbers. Using this step-by-step process based on marginal utility, create a table and identify Praxillas utilityâ€”maximizing choice. Compare the marginal utility of the two goods and the relative prices at the optimal choice to see if the expected relationship holds. Hint: Label the table columns: 1) Choice, 2} Marginal Gain from More Poems, 3) Marginal Loss from Fewer Cucumbers, 4) Overall Gain or Loss, 5) Is the previous choice Optimal? Label the table rows: 1) 0 Poems and 18 Cucumbers, 2) 1 Poem and 15 cucumbers, 3) 2 Poems and 12 cucumbers, 4) 3 Poems and 9 Cucumbers, 5) 4 Poems and 6 cucumbers 6) 5 Poems and 3 Cucumbers, 7) 6 Poems and 0 Cucumbers.