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[DOC File]Opportunity Cost Work Sheet - Loudoun County Public ...
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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.
opportunity cost questions and answers

[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]Final Exam - PiratePanel
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A) total revenue equals its total opportunity cost. B) marginal revenue exceeds its marginal cost. C) marginal revenue equals its average variable cost. D) marginal revenue equals its average fixed cost. 11) In the above table, the price of the product is . A) $30. B) $147. C) $150. D) $180.
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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 …
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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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[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 ...
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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]Absolute Advantage and Comparative Advantage Worksheet
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Absolute Advantage and Comparative Advantage Worksheet. Assume that there are two nations in the world, Ireland and Switzerland, and that each country can produce only two products. Each country uses half of its resources on each product. They can produce the following: Wool Chocolate Ireland 6,000 kg 4,500 kg Switzerland 1,500 kg 7,000 kg
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[DOCX File]myresource.phoenix.edu
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In this scenario you will calculate the monthly payment and total interest paid on a car loan. Suppose that you need $15,000 to buy a used vehicle to get back and forth to work and school.
opportunity cost questions and answers

[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 …
opportunity cost practice problems

Opportunity cost problems with answers