Principles of Economics (MindTap Course List)
8th Edition
ISBN: 9781305585126
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 2CQQ
To determine
The opportunity cost of going to a movie.
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Opportunity cost
Tony buys a pizza and with that same amount of money he could have bought a drink and a hot dog.
What is opportunity cost and what is its significance.
In my homework .
Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.
Chapter 1 Solutions
Principles of Economics (MindTap Course List)
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1CQQCh. 1 - Prob. 2CQQCh. 1 - Prob. 3CQQCh. 1 - Prob. 4CQQCh. 1 - Prob. 5CQQCh. 1 - Prob. 6CQQCh. 1 - Prob. 1QR
Ch. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QRCh. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PA
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- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal costarrow_forwardWhy is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.arrow_forwardOpportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.arrow_forward
- a. $80 b. $110 c. $50 d. $30arrow_forwardOpportunity cost You decide to spend $80 on some great shoes and do not pay your electric billarrow_forwardYou pay a cover charge of $50 to get into a popular local nightclub. As the DJ is playing and you are dancing, you suddenly realize that you would much rather be at home studying economics. But $50 is a lot of money for you. Shouldn’t that affect your decision to stay or go? Select one: a. No. The $50 is a sunk cost. b. Yes. The $50 is an avoidable cost. c. Yes. Stay and get your money’s worth. d. No. This is your special night out, so don’t consider costs of any kind.arrow_forward
- Find the attached file.arrow_forwardMaisa decided to spend money on a book instead of going for a movie. She understood that if she purchases the book, she does not have the money to watch the movie . Here the cost of sacrifice is related to ______. a. opportunity cost b. profit maximization c. scarcity d. All of thesearrow_forwardThe opportunity cost of working is __ Select one: a. the wage you earn for the time spent working. b. too high to even consider not working. c. what you can buy because you worked. d. what you would have done during the time if you were not working.arrow_forward
- Any help will be appreciatedarrow_forwardAt the optimal level of an activity, the activity’s marginal benefit must a. be zero. b. be greater than zero. c. equal the marginal cost of the activity. d. exceed the marginal cost of the activity. The answer is c, but why wouldn't you want marginal benefit to exceed marginal cost?arrow_forwardWhich of the following are systematic errors? a. A colorblind person who repeatedly runs red lights. b. An accountant whose occasional math errors are sometimes on the high side and sometimes on the low side. c. The tendency many people have to see faces in clouds. d. Miranda paying good money for a nice-looking apple that turns out to be rotten inside. e. Elvis always wanting to save more but then spending his whole paycheck, month after month.arrow_forward
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