Identifying the potential opportunity cost .

Question

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Answer 1

Question

100%

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

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Answer 2

Question

100%

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

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

100%

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

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

100%

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

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

Question

100%

Answer 6

Question

100%

Answer 7

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 8

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 9

Chapter 2, Problem 1P

(a)

To determine

Identifying the potential opportunity cost.

Answer 10

(a)

Expert Solution

Explanation of Solution

The opportunity cost can be simply defined as the next best alternative. In the given situation, if the student spends time by studying only for the economic test, the student forgoes the alternative uses of time such as leisure, studying for other tests, and so on, which is the opportunity cost here.

Answer 11

(a)

Expert Solution

Answer 12

(a)

Expert Solution

Answer 13

Expert Solution

Answer 14

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 15

(b)

To determine

Identifying the potential opportunity cost.

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 16

(b)

To determine

Identifying the potential opportunity cost.

Answer 17

(b)

Expert Solution

Explanation of Solution

In the given situation, the 2 hours spent on computer games can be used for some other productive purposes or some leisure activities which is the opportunity cost here.

Answer 18

(b)

Expert Solution

Answer 19

(b)

Expert Solution

Answer 20

Expert Solution

Answer 21

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 22

(c)

To determine

Identifying the potential opportunity cost.

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 23

(c)

To determine

Identifying the potential opportunity cost.

Answer 24

(c)

Expert Solution

Explanation of Solution

In this situation, when buying a new car instead of keeping old one loses the chance to use that money to purchase other goods and services or invest in a bank with the high interest. This is the opportunity cost here.

Answer 25

(c)

Expert Solution

Answer 26

(c)

Expert Solution

Answer 27

Expert Solution

Answer 28

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 29

(d)

To determine

Identifying the potential opportunity cost.

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 30

(d)

To determine

Identifying the potential opportunity cost.

Answer 31

(d)

Expert Solution

Explanation of Solution

The increasing rate of property tax will reduce the chance of taxpayers to purchase other goods and services. This is the opportunity cost here.

Answer 32

(d)

Expert Solution

Answer 33

(d)

Expert Solution

Answer 34

Expert Solution

Answer 35

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 36

(e)

To determine

Identifying the potential opportunity cost.

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 37

(e)

To determine

Identifying the potential opportunity cost.

Answer 38

(e)

Expert Solution

Explanation of Solution

If the number of countries working together to build a space station, it will be expensive and the government has to spend a huge amount to purchase the space station. The government can spend that amount to purchase other goods and services or can spend that amount for the welfare programs. This is the opportunity cost here.

Answer 39

(e)

Expert Solution

Answer 40

(e)

Expert Solution

Answer 41

Expert Solution

Answer 42

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 43

(f)

To determine

Identifying the potential opportunity cost.

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.

Economics Concept Introduction

Opportunity cost: The opportunity cost of an action is the highest valued alternative forgone.

Answer 44

(f)

To determine

Identifying the potential opportunity cost.

Answer 45

(f)

Expert Solution

Explanation of Solution

In the given situation, going to a graduate school loses the chance to work and earn the wages. The wages forgone for the graduation is the opportunity cost here.