Question

Please help me with my Economics Homework?

1. For each of the following situations, identify the full cost (opportunity cost) involved Monique quits her $75,000 per-year job as an accountant to become a full-time volunteer at a women's shelter O A. O B. O C. The opportunity cost of volunteering at the shelter is the wages she gave up The opportunity cost of Monique's decision is the value of the next-best alternative not chosen. The opportunity cost of Monique's decision is the time she can spend on other activities. D. None of the above OE. All of the above The Agrizone Corporation invests $10.5 million in a new inventory tracking system. OA. The opportunity cost of Agrizone's decision is the value of the other investments it is pursuing O B. The opportunity cost of Agrizone's decision is the value of leaving the money unutilized at the same time ° C. The opportunity cost of investing in a new inventory tracking system is any other projects Agrizone could have invested in. O D. All of the above E. None of the above Taylor receives $100 from his grandmother for his birthday and uses it all to buy shares of stock in Harley-Davidson, Inc. OA. The opportunity cost of buying the Harley Davidson shares is the price of the shares that could O B. The opportunity cost of Taylor's decision is the value of the next-best alternative not chosen. have been spent on other goods and services ° C. The opportunity cost of buying shares is the value of the time Taylor might have spent researching the stock market. O D. A and B only E. All of the above Hector decides to spend the summer backpacking across Europe after he graduates from Harvard University O A. The opportunity cost of Hector's decision is the wage he could earn if he decided to get a job O B. The opportunity cost of backpacking across Europe is the time Hector could have spent on other activities. ° C. The opportunity cost of Hector's decision is the next-best alternative to backpacking across Europe

Answer 1

SOLUTION-1)

1) Solution: All of the above

Explanation: The Monique's decision opportunity cost will be the value of the​ next-best alternative not chosen. It can be time spend on other activities; or cost of volunteering at the shelter is the wages Monique gave up

　

2) Solution: The opportunity cost of investing in a new inventory tracking system is any other projects Agrizone could have invested in.

Explanation: Opportunity cost is the loss of potential benefits from choosing one option from a number of alternate options

　

3) Solution: A & B only

Explanation: The buying the Harley Davidson opportunity cost will be the price of shares that could have been spent on other products and services. Also opportunty cost is the value of the​ next-best alternative not chosen.

　

4) Solution: All of the above

Explanation: The opportunity cost of​ Hector's decision is value of the​ next-best alternative not chosen such as the wage he could earn if he decided to opt the job, time spent on other activities.

　

5) Solution: The opportunity cost of entering a doctoral program is the time Molly could have spent on other activities.

Explanation: The opportunity cost of​ Molly's decision is value of the​ next-best alternative not chosen such as time spent on other activities.

　

6) Solution: All of the above

Explanation: The opportunity cost of​ Sanjay's decision is value of the​ next-best alternative not chosen such as time spent on other activities, price of the paint that he could have spent on other products and activities; painting the exterior of his house.

　

7) Solution: The Opp. cost of Tiffanys decision is a better grade on the exam

Explanation: The opportunity cost of​ Tiffanys decision is value of the​ next-best alternative not chosen