Which of the following are examples of opportunity cost?  (please choose all the answers that are correct)     The income which could have been earned by an entrepreneur working fo     For a farmer choosing to work in the field or take the day off       The costs for the factors of production used to produce a given output     The leisure time sacrificed to work.     The work left undone when a vacation is taken

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: Graphically explain how firm in monopolistically competitive indus

A: The following problem has been answered as follows:

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: 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 "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: Question 02: Marginal Principle: How Many Hours at the Barber Shop? You are a barber. The…

A: Introduction Opportunity costs are the possible advantages that a person or company forgoes while…

Q: Buffy is thinking about opening an amulet store. She estimates that it would cost $1000 per year to…

A: Opportunity cost is the value of next best alternative for the resources.

Q: Elliot and Jordy find themselves on a deserted island. The only two activities available are fishing…

A: 1. Elliot and Jordy spend their time fishing and finding pineapples so time is the cost.  Elliot can…

Q: Imagine that you are considering starting your own business. Please share what you think would be…

A: The potential advantages that an individual, investor, or organization foregoes by choosing one…

Q: An example of innovation rent is: Select one or more: a.The cost of opening a new factory. b.The…

A: Innovation refers to derivation or construction of a new idea/thought or technology.

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: 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: How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your…

A: Marginal revenue is how much revenue one could acquire from selling one additional unit. Marginal…

Q: Joe's House of Birds produces bird houses. Evaluate each of the following statements to determine…

A:

Q: Tim runs a shoe shine stand at the airport. Tim has no skills, no job experience, and no alternative…

A: Explicit costs are defined as direct payments, or payments paid out of pocket, for things like…

Q: Ray bought two WVU football tickets for $100 each. However, he has won a free vacation and won’t be…

A: In the context of decision-making, the term "opportunity cost" refers to the value of the next best…

Q: total cost

A: The opportunity cost depicts the value or cost of next best alternative forgone. When one has to…

Q: 2. AZW Productions Inc. just announced a bighit show will play at the Grand Theaterin July. Raja…

A: In the two-sector circular flow of income model, there are two sectors- the households and the…

Q: You have exactly $50 to spend on some music. For the albums you are considering, the followi table…

A: The most valuable album to you is Sign of the Times (Prince), which you value at $67. However, you…

Q: My sister graduated high school, she decided to go to university. The opportunity cost of going to…

A: Opportunity Cost is the cost of the next best alternative that is sacrificed in order to select some…

Q: Soybean (bushels per year) Chicken (Pounds per year) 500 0 400 300 200 500 0 600 9.) If the farm…

A: Opportunity cost refers to the loss incurred by giving up the next best alternative while making a…

Q: Recall an issue or situation indicating that production is relevant to making everyone better off.…

A: When a product is put into the manufacturing process, costs occur and various factors of production…

Q: Suppose a Cobb-Douglas Production function is given by the following: P(L, K) = 80L0.8K0.2 where I…

A: Production function shows relationship between output and inputs.

Q: Which are the three means of factors of production? (

A: There are three main factor of production Land  Labour Capital    The first basic factor of…