"The opportunity cost of using any IS IS eurrently forgone by using it." This definition of opportunity cost is given by- A) Joan Robinson C) Marshall (B) Prof. Lipsey () (D) Paul A. Samuelson
Q: 9. The cost of one thing in terms of the alternative given up is called A. O Real cost B. O…
A: The cost of one thing in terms of the alternative given up is known to be as the Option(d) is…
Q: D Bread Refer to figure above. An illustration of the concept "opportunity cost" can be depicted by:…
A: The production possibility curve (PPC) shows the combination of two goods (Bread and Wine in this…
Q: (1) The opportunity cost of an activity is the lowest valued alternative forgone as the result of…
A: Opportunity cost refers to the monetary costs of lost options.
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A: A cost is that the price of cash that has been spent on manufacturing one thing or providing a…
Q: your microwave breaks. you originally paid 100 for the microwave. Amazon sells the same. microwave…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
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A: The following information is given: The price P = $75 per week, Wage = $150 per week Total revenue…
Q: Timothy quits his job which pays $65900 a year, to enrol in a 2 year graduate program. his annual…
A: Opportunity cost means the value of the other option which is considered to the best after the…
Q: I need summarized and important key points for my report on the subject Applied Economics regarding…
A: The act of allocation in economizing The split of goods into shares or pieces is known as…
Q: while taking decisions there are different kinds of constraints related to resources,…
A: In economics, choice refers to decision making process of an individual (consumer of producer)…
Q: What is the total cost associated with producing eight units of the control variable, Q identify…
A: Marginal Cost refers to the additional cost incurred due to production of additional unit of output.…
Q: Fire and Flower Holdings Corporation of Ottawa produce computer memory sticks. If the price of the…
A: Fire and Flower holding corporation comes under licence market. As fire and flower holding…
Q: When you make a choice, whatever you give up as a consequence is called a/an a) priduction cost b)…
A: Resources are scarce and wants are limited. Thus there always exists tradeoff of resources.
Q: Tom's opportunity cost of mowing lawns in terms of trimming bushes is trimmed bushes per mowed lawn.…
A: Tom's PPF is a straight line. PPF is a straight line because the opportunity cost is constant. If…
Q: Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of…
A: Economic decisions are those decisions in which people will choose what to do with limited…
Q: What is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in…
A: Opportunity cost refers to the cost that is foregone. In other words, it is the value of the next…
Q: f the marginal rate of outcome. optimal point in d), your n why the impact of this cha n historical…
A: *Answer: *D The microeconomic theory of utility maximisation can also be applied in determination…
Q: The teohnically efficient combiaation of two products a business cän produce in the current period…
A: Economics is a social science that describes human behavior regarding their unlimited wants in terms…
Q: The technically officient combination of two products a business cản produce in the current period…
A: For production of the output a combination of inputs are required. To maximize the production of…
Q: 15) Tanesha sells homemade candles over the Internet. Her annual revenue is S64.000 per year, the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: Q5. Construct the Fisher's "Ideal" weighted aggregative price index number for 2018 and 2019 from…
A: Laspeyres Price index (P01) L: ∑p1q0 / ∑p0q0 × 100 Paasche Price index (P01) P : ∑p1q1 / ∑p0q1 × 100…
Q: Hello, I have a question regarding the microeconomics course: "what are the opportunity costs…
A: Opportunity cost is generally the value of the next best alternative foregone while making a…
Q: The table below shows one of the most preferred trade exercises in your class, according to your…
A: Opportunity cost is the loss or the benefit which could in turn have been enjoyed if the best…
Q: opportunity cost of 1
A: The ‘comparative advantage’ states that the country trade with each other with that good in which…
Q: Timothy quits his job, which pays $77000 a year, to enroll in a 3-year graduate program. His annual…
A: 1.) Timothy chose to attend a 3-year graduate program instead of doing a job. In this case, the…
Q: Is this a good example of opportunity cost? Why or why not. “In 2019, I started my small business by…
A: “In 2019, I started my small business by selling prints of my photographs. Now it’s temporarily…
Q: Victors marginals cost of producing an additionally unit of nuts is
A: Marginal cost or opportunity cost is given by slope of PPF curve.Therefore marginal cost = Slope of…
Q: The teohnically efficient combination of two products a business oän produco in the current period…
A: Production is a process in which the inputs are used to produce the final output. There are…
Q: Is this an good example of opportunity cost? “To begin, I began selling prints of my pictures in…
A: “To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and…
Q: Is this a good example of opportunity cost? “To begin, I began selling prints of my pictures in 2019…
A: Opportunity Cost is the cost which benefits an individual loses out on when he chooses an…
Q: Which of the following statements defines the discipline of engineering economics most closely? c.…
A: Engineering economics, recently known as engineering economy, is a subset of economics concerned…
Q: Pls help with below homework. What is the main difference between the adaptive and the visionary…
A: Scenario planning has steadily risen to become an important aspect of business and organisational…
Q: 15) Tanesha sells homemade candles over the Internet. Her annual revenue is $64,000 per year, the…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: This is the element that requires that no laws or statutes be violated, for example, if a…
A: Legality Element that requires in the no laws or statues be violated, would not be licensed in…
Q: Timothy quits his job, which pays $60 000 a year, to enrol in a 2-year graduate program. His annual…
A: Opportunity cost is an important concept in economics. Since resources are scarce, every time people…
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: Solve the attachment
A: Question 1) : In order to maximize profit a producer will always produce at a point where the…
Q: Question 9 Which statement represents a rational application of opportunity cost? The value of the…
A: Option A is correct
Q: Timothy quits his job, which pays $83386 a year, to enrol in a 2-year graduate program. His annual…
A: The opportunity cost of a good or service is what you give up or let go to get that good or service.…
Q: The economic reasons to marry include: O A) insurance, joint consumption, increasing returns to…
A: Economic activity is an activity that is performed with the aim to earn profit or returns whereas…
Q: ith regard to economic decision making for firms, the short run is... a. A definite number of…
A: Short run refers to the period during which all factors of production are not variable or one…
Q: Hello I would like a detailed and clear understanding of "opportunity cost" and how to calculate.…
A: As there is no specific defined mathematical formula for calculating opportunity cost, but one can…
Q: Solve the attachment.
A: The Production Possibility Frontier is the locus point of all the different combinations of the two…
Q: In moving from combination D to C, the opportunity cost of producing 200 more autos is
A: The production possibilities curve “is a frontier between all combinations of products that can be…
Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…
A: Opportunity cost is the next best alternative forgone. If I aim to view a cricket match, my…
Q: Is this a good example of an opportunity cost? “To begin, I began selling prints of my pictures in…
A: Opportunity cost is the value of that alternative which has been foregone and is considered to be…
Q: Your uncle is thinking about opening a hardware store. He estimates that it would cost Rs.5,000,000…
A: Opportunity costs represent the potential benefits a personal, investor, or business misses out on…
Q: The technically efficient combination of two products a busniness can produce in the current period…
A: Production is the process by which goods and products are made or manufactured from raw materials or…
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- Which costs are measured on per-unit basis: fixed costs, average cost, avenge variable cost, variable costs, and marginal cost?. A call center in India used by U.S. andU.K. credit card holders has a capacity of1,400,000 calls annually. The fixed cost ofthe center is $775,000 with an averagevariable cost of $2 and revenue of $3.50 percall.(a) Find the percentage of the capacitythat must be placed each year tobreak even.(c) What is the cost of the 4,098th tux? (d) What is the variable cost? LA What is the fixed cost? $ What is the marginal cost? ta
- Until recently, hamburgers at the city sports arena cost $2.50 each. The food concessionaire sold an average of 4,500 hamburgers on game night. WWhen the price was raised to $3.00, hamburger sales dropped off to an averag of 4,000 per night. The concessionaire's fixed costs were $7,405.30 per night and the variable cost was $0.54 per hamburger. Answer the following questions (A) through (F). (A) Assume that the relationship between price p and demand x is linear. Express p as a function of x and find the domain of this function. ..... (Simplify your answer.) The domain of p is (Type a compound inequality.) (B) Find the revenue function in terms of x and state its domain. R(x) = (Simplify your answer.) The domain of R(x) is (Type a compound inequality.) (C) Assume that the cost function is linear. Express the cost function in terms of x. C(x) = (Simplify your answer.) (D) Graph the cost function and the revenue function in the same coordinate system. Choose the correct graph below. O A.…What is the total cost associated with producing eight units of the control varlable, a (identify point B in the tablej? 34 Marginal Harginal Harginal Net Bеnefit Control Total Net Costs Benefits Benefit Total variable Benefits Cost Sepped B(Q) C(Q) MB(0) MC(0) MND (0) 900 100 800 900 100 800 2 1,700 300 800 200 600 2,400 600 1,800 700 E 400 1,000 1,500 400 500 2,000 2,000 1,800 1,400 4 600 200 3,500 500 3,900 2,100 D 600 -200 4,200 4,400 4,500 2,800 300 700 -400 800 200 800 -600 4,500 100 900 -800 10 4,500 5,500 -1,000 1,000 -1,000 Mutiple Choice 3,000 3,600 3,800 4,200Problem 4. In the design of an automobile engine part, an engineer has a choice ofeither steel casting or an aluminum alloy casting. Either machine provides the sameservice. However, the steel casting weighs 8 ounces, compared with 5 ounces for thealuminum casting. Every pound of extra weight in the automobile has been assigned apenalty of $6 to account for increased fuel consumption during the life cycle of the car.The steel casting costs $3.20 per pound, while the aluminum allow can be cast for $7.40per pound. Machining cost per casting are $5.00 for steel and $4.20 for aluminum.Which material should the engineer select, and what is the difference in unit costs? 1pound = 16 ounce
- Marginal cost given by: Kos marjinal diberi oleh: TC MC = 32+180-120' and FC 43 Find: Carikan: (a) Total Cost / Jumlah kos (b) Average Cost/ Kos purata (c) Variable Cost/ Kos berubahyeur) 8 300 175 100 What graph would represent the total fixed cost curve? (A) C B B Figure J (8) Ot per y (d fol E 11 Opt pt p1. Assume the cost of making 30 belts is $800, the cost of making 35 belts is $910, and the cost equation is linear. The belts are sold for $27 each. Find the marginal cost of production. (b) Find a linear equation in slope-intercept form that will represent the total cost of making x belts. (c) What is the fixed cost? (a) (d) Find a profit equation in slope-intercept form that will represent the profit if x belts are made and sold. (e) Find the break-even point.
- Shoes and Bicycles PPF Bicycles per Year 5,000 4.000 A 3,000 2,000 1,000 B Shoes and Bicycles PPF E 20,000 30,000 Shoes (in pairs) per Year 40,000 C 50,000 by... D 60,000Cost Analysis A company manufactures fuel tanks for cars. The total weekly cost (in dollars) of producing X fuel tanks is given by.. C(x) = 10000 +90x - 0.05x² %3D Find the exact cost of producing the 501st item. (Round to the nearest 2 decimal places, if needed) HINT: Steps to fiınd actual or exact (cost/revenue/profit) 1. Find the cost of x = 5003B 2. Then find the cost of x = 501%3; 3. Then subtract ASUS 3 近1. A steel bar manufacturer business can make 15000 bar a week. It is determined that to achieve this production, the company need to spend 90000 pesos weekly for materials, utilities and transportation. The manager also pays a fixed cost of 10000 pesos per week. HOW MUCH per steel bar should they sell to gain a profit of 40% of the total cost?
