Opportunity cost worksheet with answers
[DOCX File]Loudoun County Public Schools
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What is Mike’s opportunity cost of washing dishes in terms of vacuuming? Vacuuming ½ a room. What is Debbie’s opportunity cost of vacuuming in terms of washing dishes? Washing 1 load of dishes. What is Debbie’s opportunity cost of washing dishes in terms of vacuuming? Vacuuming 1 room. Who has the absolute advantage in vacuuming? Debbie ...
[DOC File]Absolute Advantage and Comparative Advantage Worksheet
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Absolute Advantage and Comparative Advantage Worksheet. Absolute Advantage. 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. ... Calculate the opportunity cost of producing a pair of shoes for China?
[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.
[DOC File]Product Possibilities Curve Worksheet
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What is the opportunity cost of moving from point A to point B? What is the opportunity cost of moving from point B to point C? What is the opportunity cost of moving from point D to point E? Product Possibilities Curve Practice . Please use your own piece of paper to complete this practice activity. _____ Production Alternative_____
[DOC File]Opportunity Cost - White Plains Middle School
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Perhaps the most important information we get from the study of opportunity cost is the realization that we always give something else up whenever we get something. Choosing is refusing. Therefore, we want to make certain that what we get is better than what we give up. That what we get benefits us more.
[DOC File]Opportunity cost activity
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Practice with Opportunity Cost Analysis. Materials. 4 different types of candy, gum, or crackers, cookies, snacks etc. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. Visual 2: Discussion Questions: Choosing a Snack
[DOC File]Answer Key to Practice Problem Set 1 - WKU
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What is the opportunity cost of building the journalism building? Forgoing a parking deck (the $1 million does not count in the cost since it is spent on both the first and second options) 2. Suppose that in one hour Gilligan can gather the following quantities of coconuts or …
[DOCX File]University of Phoenix
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Time Value of Money, Opportunity Cost, and Income Taxes Worksheet. Scenario 1: ... Enter your answers in the indicated cells of the table below. The Restrictions/Fees on Product Usage column relates to question 2 of Scenario 1. ... In your own words, how would you summarize “opportunity cost”? How does the concept of opportunity cost apply ...
[DOC File]Production Possibilities Frontier
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Worksheet. Farmer Brown has four fields that can produce corn or tobacco. Assume that the trade-off between corn and tobacco within each field is constant. ... To achieve this currently unattainable production combination, what must happen (two possible answers)? Calculate the per-unit opportunity cost of an increase in the production of cloth ...
[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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