The opportunity cost refers to the value of only a single best alternative forgone, thus is the loss of other alternatives when one alternative is chosen. Although is not entered in the accounting records however must be considered while making decisions. Thus while consumers make choices they will consider its opportunity cost. The higher the opportunity cost of doing an activity, the less likely it must be performed. When there is a change in the opportunity costs it affects incentives and choices, thus people re-evaluate their decision on choices and can pursue their choices based on the new situation.
much. How might an economist evalijate this situation? 11. Explain how changes in opportunity costs can...
1)How do the concepts of opportunity costs and marginal thinking, affect the way we make choices. Give examples. 2)(a) Explain what can we learn from a country's production possibilities curve (ppf)? (b) What can cause the ppf to shift inward or outward?
11. Using an example of each, explain sunk costs and opportunity costs. Which of these costs should be included in incremental cash flows and which should be excluded?
Define and explain what an economist means by: (a) rational, and (b) utility. How are these concepts used in helping explain consumer purchase choices?
Describe an example of noise and explain how it might impact a selling situation. How could a salesperson handle it?
(1) Consider the situation below how it might affect the US market interest rate. (2) Draw a demand and supply for money as part of your answer (3) Explain briefly on your graph and reasoning. Government expenditures are supported by tax income or borrowing. The government has increased the debt ceiling over time and this year the government decided to increase individual income tax instead. How might this decision affect the US market interest rate from the household perspective only.
please kindly explain deeply on this how might the aging of our workforce affect productivity? suggest both positive and negative possibilities.
Discussion questions: 1. How does a travel situation influence the value of certain things? List at least five considerations that might shape value for a traveling consumer. 2. How does a travel situation influence the value of certain things? List at least five considerations that might shape value for a traveling consumer. 3. List three ways in which time pressure influences consumer behavior. 4. How might circadian cycles influence shopping value? 5. What are the key distinctions between impulse, unplanned,...
Explain the comparative advantage and trade. Discuss the principle of increasing opportunity costs. Explain how and what causes the production possibilities curve to shift. Compare and contrast between labor and other factors of production. Explain how economies gain from trade.
Can someone explain how drilling oil might affect human relationships on micro, meso, and macro levels?
Explain how Kant's moral theory might assess an everyday situation, such as someone jumping ahead in line at the airport security checkpoint, or someone deciding to commit adultery by having an affair, or someone deciding to give to charity. Do this by: (1) choosing an everyday situation of your own and (2) explaining why the action you're describing is morally right or wrong, according to Kant.