If you were to consider the principles of opportunity cost, MR, and MC; how would these...

Question

Question

If you were to consider the principles of opportunity cost, MR, and MC; how would these...

If you were to consider the principles of opportunity cost, MR, and MC; how would these economic concepts impact your justification to complete an MBA?

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Opportunity cost is the next best alternative needs to be forgone for making a decision. Here, to complete an MBA, the opportunity cost would be salary forgone received from the current job.In order to take decision, the opportunity cost needs to be lower than the benefits derived from an MBA

MR is the marginal revenue or income derived by pursuing an MBA and MC is the marginal cost incurred for pursuing an MBA. So in order to make a decision, MR must be higher than MC

Add a comment

Answer 2

Similar Homework Help Questions

If you were to consider the principles of opportunity cost, MR, and MC; how would these...

If you were to consider the principles of opportunity cost, MR, and MC; how would these economic concepts impact your justification to complete an MBA?
how would you define the term opportunity cost? Provide an example of opportunity cost decision that...

how would you define the term opportunity cost? Provide an example of opportunity cost decision that you have had to make?
33. Gas’n'Go is one of the 20 gas stations in Lafayette, California. The following diagram shows the demand curve (D), marginal revenue curve (MR), marginal cost curve (MC) and average total cost...

33. Gas’n'Go is one of the 20 gas stations in Lafayette, California. The following diagram shows the demand curve (D), marginal revenue curve (MR), marginal cost curve (MC) and average total cost curve (ATC) for GasN'Go. Assume that the market for gasoline is a monopolistically competitive market. Part 1: Label all curves and identify and label the initial price (P1) and quantity (Q1). Part 2: Suppose that the price of oil increases, causing Gas'n'Go's production costs to also increase (oil...

According to the Principles of Economics, economic principles guide how we make economic choices ...

According to the Principles of Economics, economic principles guide how we make economic choices and how we interact in the market. What role do economic principles play in your personal economic decisions (choices)? Do you encounter scarcity either personally or in your workplace? What are the kinds of scarcity you encounter? To make rational economic decisions, we need to compare costs and benefits. Suppose you are trying to decide whether to take a vacation. The majority of the costs of...
Using the economic concepts of Scarcity, Choice, Opportunity, Cost, Demand, Supply, Quantity Demanded, Quantity Supplied and...

Using the economic concepts of Scarcity, Choice, Opportunity, Cost, Demand, Supply, Quantity Demanded, Quantity Supplied and Supply/Demand charts, evaluate the Impact Covid-19 will have on you, a family member of friend under the following conditions: > There are 145 million people in the workforce. Explain using the Supply/Demand curve. How Covid-19 is affecting the workforce. Is the Demand or Supply curve affected. Which way will the curve shift. > If you or someone in your household filed a tax return...
In your own words, define sunk cost, avoidable cost, and opportunity cost and understand how to...

In your own words, define sunk cost, avoidable cost, and opportunity cost and understand how to use these concepts in analyzing decisions.

The graph shows the demand (D), marginal revenue (MR), and marginal cost (MC) curves for a...

The graph shows the demand (D), marginal revenue (MR), and marginal cost (MC) curves for a monopolist. Use the area tool to outline the region corresponding to the deadweight loss that is due to the market being monopolistic rather than competitive. Your answer should be a triangle drawn with three corners. Thank you. The graph shows the demand (D), marginal revenue (MR), and marginal cost (MC curves for a monopolist. Use the area tool to outline the region corresponding to...
The curves show the marginal revenue (MR), marginal cost (MC), and average total cost (ATC) functions...

The curves show the marginal revenue (MR), marginal cost (MC), and average total cost (ATC) functions for a firm in a competitive market. Use the area tool to draw the area representing the maximum profit the firm could earn—that is, the profit the firm would earn if it produced the optimal quantity. Your answer should be a rectangle drawn with four corners.
how would you describe this algorithm in network terms? would you use the same network principles...

how would you describe this algorithm in network terms? would you use the same network principles if you were to design a competing algorithm?

Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC)...

Consider Figure 7. which shows the marginal revenue (MR), marcinal cost (MC average total cost (ATC) and the average variable cost (AVC) curves for Fim1 Figure 7 - MRMC, ATC, and AVC Curves for Firm 1 MMC ATC 750 M. 500 Blank 1: Calculate the total fixed costs for Firm 1. (Write your answer in terms of $. ie. Sx) Blank 2: What is the total revenue for Firm 1 when the price is $14.50? (Write your answer in terms...

If you were to consider the principles of opportunity cost, MR, and MC; how would these...

Homework Answers

Add Answer to:
If you were to consider the principles of opportunity cost, MR, and MC; how would these...

Post as a guest

Earn Coins