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[DOC File]Chapter 13
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Problems and Applications. 2. a. The opportunity cost of something is what must be forgone to acquire it. b. The opportunity cost of running the hardware store is $550,000, consisting of $500,000 to rent the store and buy the stock and a $50,000 opportunity cost, since your …
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[DOC File]Opportunity cost activity - Foundation For Teaching Economics
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Practice with Opportunity Cost Analysis. Materials. 4 different types of candy, gum, or crackers, cookies, snacks etc. (1 per student) ... ask for volunteers to share their answers. Ask for a definition of opportunity cost (the next best or forgone alternative). ... problems like this one are a …
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[DOC File]Answers to Questions in Chapter 1 - Pearson Education
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9 ( (Box 1.2) 3. Is the opportunity cost to the individual of attending higher education different from the opportunity costs to society as a whole? Yes. The opportunity cost to society as a whole would include the costs of providing tuition (staffing costs, materials, capital costs, etc).
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[DOC File]Answers to Problems
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b. Yes: his opportunity cost of his labor to run the café is $1,000 - $275, or $725 per week. Adding this implicit cost to the explicit costs implies that the café is making an economic profit of $25 per week. And since $25>0, John should stay in business. c. John's opportunity cost rises by $100, to $825 per week.
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[DOCX File]Chapter 8: Answers to Questions and Problems
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Chapter 8: Answers to Questions and Problems. 7 units. $28. $224, since $32 × 7 = $224. $98, since $14 × 7 = $98. $126 (the difference between total cost and variable cost). It is earning a loss of $28, since ($28 -$32) x 7 = - $28. - $126, since its loss will equal its fixed …
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[DOC File]Lecture 1 Practice Question Answers
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So the opportunity cost of research in this range is 25/150 = 0.167 units of teaching per unit of research. (e) If the university’s main laboratory burned down, and the lab was used only for research, then the PPF would keep the same endpoint for teaching (200), but the endpoint for research would get smaller (say, from 900 to 500).
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[DOC File]ANSWERS TO INTERNATIONAL TRADE PROBLEMS
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ANSWERS TO INTERNATIONAL TRADE PROBLEMS. Question #1. The two production possibilities curves are straight lines and are parallel. 20 Y cost 40 X in Alpha. So, 1Y costs 2X. 10Y cost 20X in Omega. So, 1Y costs 2X. Alpha will not trade because the both countries have the same opportunity costs. They will not benefit from trade. Question #2
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[DOC File]Practice with Production Possibilities Frontiers and ...
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Practice with Production Possibilities Frontiers and Opportunity Cost. 1. Suppose that the nation of Nestle produces chocolates and cookies. Below are the possible combinations of chocolate and cookies that Nestle can produce. Combination Chocolates Cookies. A 0 10. B 2 9. C 4 7. D 6 4. E 8 0. a. Plot the Production Possibilities Frontier for ...
opportunity cost questions and answers

[DOC File]Opportunity Cost Work Sheet
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Opportunity cost . is one of the most important concepts in economics and is the basis of all economic decision making. The definition of opportunity cost is the value of any alternative you must give up when you make a choice. More specifically, it is the value of the next best alternative.
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[DOC File]Answers to Problems: Chapter 2 - College of Business
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So his opportunity cost of washing one car is two wax jobs. Because Tom’s opportunity cost of washing a car is lower than Ted’s, Tom has a comparative advantage in washing cars. 3a. True: since Kyle and Toby face the same opportunity cost of producing a gallon of …
opportunity cost worksheet with answers

Opportunity cost problems and answers