One opportunity cost of the variety of products we have is that each product costs more...
One opportunity cost of the variety of products we have is that each product costs more per unit than if there were only one kind of product for a given type. Would you rather have efficiency (lower cost) or variety? Why? Answer this question using a product for which you would rather have efficiency, and one product where you would prefer variety.
Homework Answers
Most consumers prefer variety in their choice of products. However, having a large variety of products leads to competition amongst firms. With too much variety the firms get an added cost of advertising and marketing the goods. Variety is good to have in the market but efficiency is also highly preferred when it comes to buying products. With products like salt, efficiency is preferred as salt is a necessity good and is a part of everyone's daily consumption. With products like toothpaste or shoes, more variety might increase costs but also gives the consumer the option to choose a product according to their needs and requirements. Hence, variety is usually preferred in such cases.
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One opportunity cost of the variety of products we have is that
each product costs more...
microenconomics Opportunity Costs- Graded The concept of Opportunity Cost is one of the most misunderstood concepts...
microenconomics
Opportunity Costs- Graded The concept of Opportunity Cost is one of the most misunderstood concepts in Microeconomics. Therefore, an extra effort in the literature survey is recommended prior to articulating your answers for this week's coursework. Hint: opportunity cost is NOT an outcome of a decision. Let's discuss the cost of attending college. Some of the more common expenses that come to mind include the explicit costs of tuition, books, and room and board. But what about the implicit...
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sults in more than one other product being 7. Product-cost subsidization means that: A) when one...
sults in more than one other product being 7. Product-cost subsidization means that: A) when one product is overcosted, it results in more than overcosfed B) when a company undercosts more than one of its than one of its other products when a company undercosts one of its products, it will overcosta other products ) when one product is overcosted it result in all other products being o costs more than one of its products, it will overcost more e...
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Dweeb Corp. makes three products in a single facility. These products have the following unit product costs: &nbs...
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microenconomics
Opportunity Costs- Graded The concept of Opportunity Cost is one of the most misunderstood concepts in Microeconomics. Therefore, an extra effort in the literature survey is recommended prior to articulating your answers for this week's coursework. Hint: opportunity cost is NOT an outcome of a decision. Let's discuss the cost of attending college. Some of the more common expenses that come to mind include the explicit costs of tuition, books, and room and board. But what about the implicit...
4. Economists measure "cost" as the full "opportunity cost" (op cost) associated with any given use of some set of resources. "Op cost" is measured as what is forgone by not putting these resources to their next best alternative use (i.e. the benefits that must be forgone elsewhere if the resources in question are to be used for this purpose instead). Suppose you get to a point where doing "one more unit" of something (such as pollution clean-up) incurs opportunity...
sults in more than one other product being 7. Product-cost subsidization means that: A) when one product is overcosted, it results in more than overcosfed B) when a company undercosts more than one of its than one of its other products when a company undercosts one of its products, it will overcosta other products ) when one product is overcosted it result in all other products being o costs more than one of its products, it will overcost more e...
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