Relevance of opportunity cost .

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Not use ai please

South Africa faces the triple challenge of poverty, inequality and unemployment and the national minimum wage debate has pulled on all three threads to make arguments for and against this policy. Discuss the theoretical implications of a national minimum wage, and touching on each of the three challenges South Africa faces, discuss some arguments for how this policy may affect them.

In the context of the article below, discuss the Minister’s position in light of the principles of fairness as they relate to taxation. SA's work visa reform plans slowed by tax issues South Africa’s plan to attract more professionals to its skills-starved economy through the introduction of a so-called nomad visa for remote workers has been slowed by the need to amend tax regulations. The impediment comes after an initial delay when changes to the visa regime had to be temporarily withdrawn because mandatory public consultation procedures hadn’t been followed. President Cyril Ramaphosa announced his intention to introduce a remote-working visa in his 2022 state-of-the-nation address. “There is just a tax-related matter that needs to be addressed in the regulations,” Leon Schreiber, the country’s Home Affairs Minister, said in a response to queries. “Once that is done, the department will commence with the rollout.” South Africa’s byzantine work permit regime, which means…

Answer 2

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 6

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 7

Chapter 2, Problem 1.1P

To determine

Relevance of opportunity cost.

Answer 8

Expert Solution & Answer

Explanation of Solution

Option (a): The opportunity cost of going home is, lost the time that can be used for other purpose like studying.

Option (b): Opportunity cost of riding bicycle 20 miles every day is, alternative use of that time.

Option (c): Opportunity cost of Federal government is, value of other goods and services that the government can buy with that tax revenue.

Option (d): The opportunity cost of foreign government is, value of other goods and services that the government can buy with the subsidy amount.

Option (e): Opportunity cost of upgrading balcony is, alternative use of that money.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Opportunity cost: Opportunity cost is the best alternative costs that forgo, or give up, when a decision or choice has to be taken.

Answer 12

Ch. 2 - Prob. 1.1P Ch. 2 - Prob. 1.2P Ch. 2 - Prob. 1.3P Ch. 2 - Prob. 1.4P Ch. 2 - Prob. 1.5P Ch. 2 - Prob. 1.6P Ch. 2 - Prob. 1.7P Ch. 2 - Prob. 1.8P Ch. 2 - Prob. 1.9P Ch. 2 - Prob. 1.10P

Relevance of opportunity cost .

Concept explainers

Relevance of opportunity cost.

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions