Homework Answers
The second option is the correct answer ie. opportunity cost
opportunity cost is the cost of what you have to give up in order to get something else
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Question 11 (3 points) The value of what I give up in order to produce something...
“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.)
“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...
Question 18 2 points Sav The term opportunity cost refers to the: Value of all the...
Question 18 2 points Sav The term opportunity cost refers to the: Value of all the alternatives given up when a good or service is produced. Financial costs of all the factors of production used to produce a good or service. Amount of resources used to produce a good or service Value of the best alternative given up when a good or service is produced Moving to another question will save this response Question 18 of 49 Question 24 If...
To get the most out of life, to think like an economist, you have to be know what you're giving up in order to get some...
To get the most out of life, to think like an economist, you have to be know what you're giving up in order to get something else. So, opportunity cost is the value of what you get expressed as the amount of what you give up the opportunity cost of "X" is the amount of "Y" forgone by the choice of "X"). Comment on the five examples below; either ask a question about any of the 5 examples, explain any...
Question 4 (4 points) In a single year, the US can produce 30 soybeans or 150...
Question 4 (4 points) In a single year, the US can produce 30 soybeans or 150 avocados. Mexico can produce 15 soybeans or 60 avocados. Suppose Mexico experiences a technological advancement that allows Mexico to produce 90 units of avocados. 1) With the technological advancement, what is the opportunity cost of producing 1 soybean in terms of avocados for Mexico? (Only put numbers) 2) With the technological advancement, what is the opportunity cost of producing 1 avocado in terms of...
5,6 Please answer both prts. Will give thumbs up thanks Question 5 What is the order...
5,6 Please answer both prts. Will give thumbs up thanks
Question 5 What is the order of operations for the following Boolean Not yet answered Points out of 2 expression? F Flag question (day 30 31 II day60 31 66 day90 31) Select one: a. I && I C. Next
Question 11 of 21) 11. value: 7.00 points .00 points The following table provides partial information...
Question 11 of 21) 11. value: 7.00 points .00 points The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationships between these properties, fill in the missing cells. Labour Total product Average product 0 Marginal product 0 120 80 240 60
WK Qu. 1-11 In order to produce a new product, a... In order to produce a...
WK Qu. 1-11 In order to produce a new product, a... In order to produce a new product, a firm must lease equipment at a cost of $165,000 per year. The managers feel that they can sell 63,000 units per year at a price of $88. What is the highest variable cost that will allow the firm to at least break even on this project? (Round your answer to 2 decimal places.) Variable Cost
Can you give me the correct answer for all of them? The question i answer, is...
Can you give me the correct answer for all of them? The question
i answer, is it right? If not, what is the correct answer?
Thinking at the margin means that the individual thinks about the additional costs and benefits of doing something. True O False We were unable to transcribe this imageThe conversion of resources to satisfy wants is described as: conservation. O production. distribution. O consumption. Capital, as a factor of production, includes all manufactured products that are...
4. For this question you will be analyzing a market where firms compete under Bertrand com...
4. For this question you will be analyzing a market where firms compete under Bertrand com petition. That is, firms will strategically compete by selecting prices in order to maximize their profit. For this market, let the market demand be o 50-2p (a) Suppose firm I has a marginal cost of 10 and firm 2 has a marginal cost of 5. What is the equilibrium price p., what are the equilibrium quantities the firms produce q1-q2, and what is the...
Question 18 2 points Sav The term opportunity cost refers to the: Value of all the alternatives given up when a good or service is produced. Financial costs of all the factors of production used to produce a good or service. Amount of resources used to produce a good or service Value of the best alternative given up when a good or service is produced Moving to another question will save this response Question 18 of 49 Question 24 If...
To get the most out of life, to think like an economist, you have to be know what you're giving up in order to get something else. So, opportunity cost is the value of what you get expressed as the amount of what you give up the opportunity cost of "X" is the amount of "Y" forgone by the choice of "X"). Comment on the five examples below; either ask a question about any of the 5 examples, explain any...
Question 4 (4 points) In a single year, the US can produce 30 soybeans or 150 avocados. Mexico can produce 15 soybeans or 60 avocados. Suppose Mexico experiences a technological advancement that allows Mexico to produce 90 units of avocados. 1) With the technological advancement, what is the opportunity cost of producing 1 soybean in terms of avocados for Mexico? (Only put numbers) 2) With the technological advancement, what is the opportunity cost of producing 1 avocado in terms of...
5,6 Please answer both prts. Will give thumbs up thanks
Question 5 What is the order of operations for the following Boolean Not yet answered Points out of 2 expression? F Flag question (day 30 31 II day60 31 66 day90 31) Select one: a. I && I C. Next
Question 11 of 21) 11. value: 7.00 points .00 points The following table provides partial information on total product, average product, and marginal product for a production function. Using the relationships between these properties, fill in the missing cells. Labour Total product Average product 0 Marginal product 0 120 80 240 60
WK Qu. 1-11 In order to produce a new product, a... In order to produce a new product, a firm must lease equipment at a cost of $165,000 per year. The managers feel that they can sell 63,000 units per year at a price of $88. What is the highest variable cost that will allow the firm to at least break even on this project? (Round your answer to 2 decimal places.) Variable Cost
Can you give me the correct answer for all of them? The question
i answer, is it right? If not, what is the correct answer?
Thinking at the margin means that the individual thinks about the additional costs and benefits of doing something. True O False We were unable to transcribe this imageThe conversion of resources to satisfy wants is described as: conservation. O production. distribution. O consumption. Capital, as a factor of production, includes all manufactured products that are...
4. For this question you will be analyzing a market where firms compete under Bertrand com petition. That is, firms will strategically compete by selecting prices in order to maximize their profit. For this market, let the market demand be o 50-2p (a) Suppose firm I has a marginal cost of 10 and firm 2 has a marginal cost of 5. What is the equilibrium price p., what are the equilibrium quantities the firms produce q1-q2, and what is the...
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