Homework Answers
1) Opportunity cost is the loss of other alternatives when one alternative is chosen. When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice.
Example:
When you give up going to see a movie to study for a test in order to get a good grade; the opportunity cost is the cost of the movie and the enjoyment of seeing it.
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1. What is an "Opportunity cost"? Give an example of an opportunity cost from your own...
For Oscar, what is the opportunity cost of producing 1 pound of coffee? (add only number)...
For Oscar, what is the opportunity cost of producing 1 pound of coffee? (add only number) pounds of bananas Oscar and Julia can both produce either bananas or coffee. Oscar can produce either 16 pounds of coffee and 0 pounds of bananas or 64 pounds of bananas and O pounds of coffee. Julia can produc elther 20 pounds of coffee and O pounds of bananas or 40 pounds of bananas and O pounds of coffee. (Round your answers to two...
“Opportunity cost” in economics basically is what you have to give up to get something—not necessarily...
“Opportunity cost” in economics basically is what you have to give up to get something—not necessarily restricted to dollar amounts. What is the opportunity cost of your going to college? (Note that this is not necessarily something that you can just look up or copy from a friend—you need to think about it and the answers may very well be different for each student. Also, I am not looking for any exact monetary calculation.) Draw a production possibilities curve for food and clothing. If...
(1) Clearly define "opportunity cost". Provide an appropriate example to illustrate your definition (2) What is...
(1) Clearly define "opportunity cost". Provide an appropriate example to illustrate your definition (2) What is the "Production Possibilities Frontier (PPF)? 1. Look at the PPF given below, and answer the following questions with succinct explanations. 45 35 30 25 20 15 10 10 20 30 40 50 60 70 80 notepads (3) If this economy devotes all of its resources to the production of notepads, then it will produce 0 notepads and 40 lamps 35 notepads and 20 lamps....
give an example from your life in which understanding opportunity cost made a difference in your...
give an example from your life in which understanding opportunity cost made a difference in your decision-making.
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your...
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
1) What is a tradeoff you face i your daily life? An example of a tradeoff...
1) What is a tradeoff you face i your daily life? An example of a tradeoff would be living in the city vs. living in the suburbs. (You are not allowed to use this one.) 2) What is the scarce resource in your tradeoff (from Question #1) that forces you to chose one or the other (reason you can't choose both)? An example of a scarce resource when deciding between living in the city vs. living in the suburbs could...
1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity...
1. What is India's opportunity cost of producing one cell phone? 2. What is the USA’s opportunity cost of producing one cell phone? 3. Which country has a "Comparative Advantage" at producing cell phones? 4. & 5. What will be the Maximum & Minimum ‘Price’ for a cell phone (in terms of tee shirts traded)? Minimum Price: ____ Maximum Price: ____ 6. List one possible “Price” for cell phone, in terms of tee shirts traded, that would make BOTH India &...
1) What is a tradeoff you face in your daily life? An example of a tradeoff...
1) What is a tradeoff you face in your daily life? An example of a tradeoff would be living in the city vs. living in the suburbs. (You are not allowed to use this one.) 2) What is the scarce resource in your tradeoff (from Question #1) that forces you to chose one or the other (reason you can't choose both)? An example of a scarce resource when deciding between living in the city vs. living in the suburbs could...
3. You have a free evening, and your friends give you a choice between 3 options:...
3. You have a free evening, and your friends give you a choice between 3 options: 1) Going to Isaac's Bar and Grill 2) Watching The Rocky Horror Picture Show on DVD 3) Kite surfing You absolutely hate Isaac's, but enjoy the other two activities. What is your opportunity cost of kite surfing? (A) Your pleasure from watching Rocky Horro (B) Your pleasure from going to Isaac's (C) Your combined pleasured from the pub and watching Rocky Horror (D) None...
1. Give the three reasons that explain why the division of labor increases an economy’s level...
1. Give the three reasons that explain why the division of labor increases an economy’s level of production. 2. What are three reasons to study economics? 3. Suppose you have a team of two workers: one is a baker and one is a chef. Explain why the kitchen can produce more meals in a given period of time if each worker specializes in what they do best than if each worker tries to do everything from appetizer to dessert. 4....
For Oscar, what is the opportunity cost of producing 1 pound of coffee? (add only number) pounds of bananas Oscar and Julia can both produce either bananas or coffee. Oscar can produce either 16 pounds of coffee and 0 pounds of bananas or 64 pounds of bananas and O pounds of coffee. Julia can produc elther 20 pounds of coffee and O pounds of bananas or 40 pounds of bananas and O pounds of coffee. (Round your answers to two...
(1) Clearly define "opportunity cost". Provide an appropriate example to illustrate your definition (2) What is the "Production Possibilities Frontier (PPF)? 1. Look at the PPF given below, and answer the following questions with succinct explanations. 45 35 30 25 20 15 10 10 20 30 40 50 60 70 80 notepads (3) If this economy devotes all of its resources to the production of notepads, then it will produce 0 notepads and 40 lamps 35 notepads and 20 lamps....
Problem Sets 1: Lectures 1-5 1) What is your Opportunity Costs and Applications What is your opportunity cost of attending college? What are the benefits you expect to gain lunm college education Estimate their total values. Is your schooling decision rational? If college education is the choice for me e for most young people to thrive in the future, why did Bill ne drop out of Harvard in his second vear? Why did not LeBron James even go to college...
1) What is a tradeoff you face i your daily life? An example of a tradeoff would be living in the city vs. living in the suburbs. (You are not allowed to use this one.) 2) What is the scarce resource in your tradeoff (from Question #1) that forces you to chose one or the other (reason you can't choose both)? An example of a scarce resource when deciding between living in the city vs. living in the suburbs could...
3. You have a free evening, and your friends give you a choice between 3 options: 1) Going to Isaac's Bar and Grill 2) Watching The Rocky Horror Picture Show on DVD 3) Kite surfing You absolutely hate Isaac's, but enjoy the other two activities. What is your opportunity cost of kite surfing? (A) Your pleasure from watching Rocky Horro (B) Your pleasure from going to Isaac's (C) Your combined pleasured from the pub and watching Rocky Horror (D) None...
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