When do we use Opportunity-Cost Approach?

Q: Shannon has decided to spend less time on social media because she needs to improve her grades. What…

A: In economics, an opportunity cost represents the potential benefits a consumer, individual or…

Q: What is the Benefit-Cost Analysis?

A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…

Q: What is an incremental benefit-cost ratio?

A: An incremental benefit-cost ratio is a type of benefit-cost analysis that helps to understand the…

Q: What is the Benefit-cost ratio?

A: The process of analyzing the total benefits and total costs associated with the implementation of a…

Q: what is the potential opportunity cost of watching a lot tv show.

A: If a lot of television is watched, then it reduces the time available for other activities, for…

Q: describe an important of trade-off you recently faced. Give an example of some action that has both…

A: Trade off refers to the situation where some amount of goods should be given up in order to gain…

Q: What does the principle of increasing marginal opportunity costs mean

A: Opportunity cost represents the financial cost of the economy regarding a business in making…

Q: how do you deal with opportunity cost

A: Opportunity cost is the cost or value of the next best alternative which an individual foregoes to…

Q: On what are the Economic decisions based?

A: Economic decisions are the decisions made by the economic agents to pursue a goal and achieve a…

Q: Apply core economic principle in business decision making

A: Core economic principles in economics are the one that sets the fundamental truth about the subject…

Q: What is the difference between association and causation? Explain it with example. Give an example…

A: Among two or more than two variables, there can be a relation of association or causation. These two…

Q: How do you evaluate your opportunity cost in terms of the alternative decisions that you have to…

A: Oportunity cost is the following best elective which we have renounced because of purpose of present…

Q: How do design, creativity, and innovation connect in our current environment?

A: Economic activities are incrasing in all over countries eithe developing or developed economy.…

Q: Is there a pattern in opportunity cost changes?

A: Opportunity cost is a micro economics concept refer to the lost of the potential benefit for an…

Q: What is cost leadership strategy advances?

A: In a market, there are different strategies used by the firms to gain competitive advantage such as…

Q: Give some examples of benefit-cost analyses?

A: Benefit-cost analysis is a process used by the business to analyse the decisions and to choose the…

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: How does wants and needs connect to Scarcity

A: Scarcity refers to the limited resources. This is the basic problem of an economy. All the economies…

Q: Mr. Adam has recently graduated from NSU and is now thinking of starting an MBA in the USA. How can…

A: Companies employ a cost-benefit analysis to identify which decisions to make and which to avoid. The…

Q: You’re working on a team-based homework assignment with a partner, Deidre, that consists of an essay…

A: When you make a decision, the value of the next best thing you give up is called opportunity cost.…

Q: Who gave the concept of Capability Approach?

A: Capability Approach is basically known as Sen's Capability Approach.

Q: How do Mankiw’s ten principles connect with Baumann’s ten principles

A: Mankiw's principles and Baumann translation of those principles are interlinked to each other.…

Q: What’s the difference between trade off and opportunity costs

A: As we know that human wants are limited but means to satisfy these wants are limited. A person has…

Q: aking Effective Decisions ften illustrated with a graph or a table, shows the results under…

A: the opportunity cost of a specific action choice is the deficiency of significant worth or advantage…

Q: Give the Examples of benefit-cost analyses?

A: Benefit-cost analysis is a process used by the business to analyze the decisions and to choose the…

Q: What Is Cost-Effectiveness Measures?

A: Cost(C) is an important component of production. The ‘cost of production’ refers to the total…

Q: Lately, a lot of people are buying iPhone 12. Which trend is it in entrepreneurial scope? Select…

A: Technology encompasses all techniques, skills, methods, and procedures employed in the manufacture…

Q: What do opportunity costs represent?

A: A trade-off is a situation, where making one choice or purchasing one good means losing the chance…

Q: Suppose Liam's Automotive,  a repair shop: offers two items: oil changes and tires.  With all…

A: Oil changes Tires A 0 80 B 10 60 C 20 40 D 30 35 E 40 0 Opportunity cost: From point…

Q: What is the opportunity cost in economics?

A: The opportunity cost of a specific activity option in microeconomic theory is the loss of value or…

Q: How can opportunity cost affect behavior?

A: The opportunity cost of any activity is the benefit from the next best alternative foregone to…

Q: What are the goals of economic engineering?

A: Engineering economics is a part of economics that deals with the use and application of economics…

Q: In Figure 1.1, which of the following points would the opportunity cost of producing one more SUV be…

A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…

Q: How does the scarcity of resources effect the decisions people make in their everyday lives?

A: Scarcity is the basic foundation for economic decision making process. It would simply means that…

Q: What are the wants and constraints of those involved?

A: Wants is something that is desired and it is unlimited.  Wants can be satisfied by consuming goods…

Q: What are the three problem goals of Benefit-cost analysis?

A: The Benefit-cost analysis plays a crucial in determining whether a project is to be implemented or…

Q: Describe the Benefit-Cost Analysis?

A: A Benefit-cost analysis which is also known as a cost-benefit analysis is used to predict the costs…

Q: What is opportunity cost in both terms tangible and intangible. Explain with the help of examples?

A: The limited availability of a resource or good against a theoretically unlimited requirement is…

Q: Describe Building a Should-Cost Model?

A: Should-Cost modeling is the process of determination of what a product must cost being based upon…

Q: e opportunity cost principle,

A: The labor demand and supply curve shows the relationship of quantity of labor and the wages .  The…

Q: Is it the possible for a person incur an opportunity cost without spending money?

A: Opportunity cost refers to the resources that are given up to produce some other good. Yes, it is…