Relevance of opportunity cost .

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 2, Problem 1.1P

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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.

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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.

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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.

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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.

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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

Brazil, Russia, India, China, and South Africa, also known as BRICS, are emerging countries poised to be dominant economic players in the 21st century. What are some of the political, legal and economic conditions that help or hinder economic expansion for these countries?

Explain what is Microeconomics? Why is it important for all of us to understand what are the drivers in microeconomics?

The production function for a product is given by Q =100KL.if the price of capital is 120 dollars per day and the price of labor 30 dollars per day what is the minimum cost of producing 1000 units of output ?

Answer 2

Question

Chapter 2, Problem 1.1P

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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.

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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.

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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.

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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.

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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.

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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.

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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.

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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.

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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.

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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.

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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.

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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.

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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.

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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.

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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.

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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.

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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

(a)

To determine

Relevance of opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

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

(a)

To determine

Relevance of opportunity cost.

Answer 8

(a)

Expert Solution

Explanation of Solution

The opportunity cost of going home is lost the time that can be used for other purposes like studying.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

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 13

(b)

To determine

Relevance of opportunity cost.

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

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 14

(b)

To determine

Relevance of opportunity cost.

Answer 15

(b)

Expert Solution

Explanation of Solution

Opportunity cost of riding bicycle 20 miles every day is alternative use of that time.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

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 20

(c)

To determine

Relevance of opportunity cost.

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

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 21

(c)

To determine

Relevance of opportunity cost.

Answer 22

(c)

Expert Solution

Explanation of Solution

Opportunity cost of Federal government is value of other goods and services that the government can buy with that tax revenue.

Answer 23

(c)

Expert Solution

Answer 24

(c)

Expert Solution

Answer 25

Expert Solution

Answer 26

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 27

(d)

To determine

Relevance of opportunity cost.

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

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 28

(d)

To determine

Relevance of opportunity cost.

Answer 29

(d)

Expert Solution

Explanation of Solution

The opportunity cost of foreign government is value of other goods and services that the government can buy with the subsidy amount.

Answer 30

(d)

Expert Solution

Answer 31

(d)

Expert Solution

Answer 32

Expert Solution

Answer 33

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 34

(e)

To determine

Relevance of opportunity cost.

(e)

Expert Solution

Explanation of Solution

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 35

(e)

To determine

Relevance of opportunity cost.

Answer 36

(e)

Expert Solution

Explanation of Solution

Opportunity cost of upgrading balcony is alternative use of that money.

Answer 37

(e)

Expert Solution

Answer 38

(e)

Expert Solution

Answer 39

Expert Solution

Answer 40

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 41

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

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Relevance of opportunity cost.

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions