Answered: 20 * the opportunity cost of any action…

20 * the opportunity cost of any action is the highest-valued alternative given up the benefit from the action minus the cost of the action

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter18: Public Economy

Section: Chapter Questions

Problem 6SCQ: Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first,...

See similar textbooks

Related questions

Q: Question 16: Scarcity or limited resources are ultimately what force us to make decisions.…

A: It is because of scarcity that people have limitations to make decision. People can't do have all…

Q: describe an important of trade-off you recently faced. Give an example of some action that has both…

A: Trade off refers to the situation where some amount of goods should be given up in order to gain…

Q: Suppose that you are on a desert island and possess exactly 20 coconuts. Your neighbor, Friday, is a…

A: A budget line shows the various combinations of two goods that the consumer can afford.

Q: 3 ways by which human decision making differ from rational individual conventional economic theory

A: One theory about the human decision making is the behavioral economics. It differs from rational…

Q: Efficiency means that Select one: a.society is getting the maximum benefits from its scarce…

A: The efficiency is achieved where the resources are fully utilized.

Q: QUESTION 39 39. Economic rationality or optimization means that people should compare the…

A: In economics, people make decisions based on their consumer behavior and producer behavior when…

Q: b) You plan to study on weekend and your friends ask you to go to a farm house with them. What do…

A: Opportunity cost refers to the best alternative cost that forgo or give up when a decision or…

Q: 5. The coach of a high school football team decides to allow girls to play football on the same team…

A: The problem relates to the subject of economic ethics and behavioural economics.

Q: explain each.You can use an examp

A: The analysis of economic concepts as they are applied to particular circumstances or conditions is…

Q: Beverly spends $100 on a teeth whitening kit. After one application, her gums are inflamed and it…

A: Opportunity costs represent the potential benefits a person, investor, or business misses out on…

Q: describe 3 ways in which human decisions making differs from the rational individual conventional…

A: In conventional economic theory, an individual is generally considered a rational human being.…

Q: Micro Economics H School Question. Short answer. 1. Consider an army commander deciding which…

A: Answer - Need to find-

Q: Due to heavy rains the price of ground produce increases. which core principle is represented in…

A: Due to heavy rains the price of ground produce increases. The core principle which is represented in…

Q: Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3)…

A: Hi, according to our guidelines we are allowed to answer only one question with upto three…

Q: You own a DVD of the film 'A Beautiful Mind'. The opportunity cost of watching the DVD the second…

A: There are various cost in the economy like variable cost, fixed cost, and opportunity costs.…

Q: 1. Implementation and enforcement of the seat belt law have resulted in an increase in the number of…

A: implementation and enforcement of the seat belt law have resulted in an increase in the number of…

Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…

A: The Opportunity cost to a firm in using any input is what the input could earn in its best…

Q: 6. The opportunity of moving from A to C is: 1.15 units of Roses 0.57 unit of Guns 0.57 unit of…

A: The opportunity cost is the next best alternative forgone. Here moving from Point A to C, result in…

Q: Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20…

A: Given; Total amount of money he had= $30 Movie cost for both he and his friend= $20 Price of shirt=…

Q: You own a DVD of the film 'A Beautiful Mind'. The opportunity cost of watching the DVD the second…

A: Opportunity cost is the cost of second best option available to the consumers that he is leaving in…

Q: 1. Ramon and Sammy are working on a group homework assignment. The homework consists of a set of…

Q: 7 Total net benefits of an activity are maximised at the level when the marginal benefit (MB) of the…

A: Government uses fiscal policy to increase development of an economy by increasing aggregate demand.…

Q: Timothy quits his job which pays $59,000 a year, to enrol in a 3-year graduate program. His annual…

A: Given, Salary from job = $59,000 per year Tuition expense= $60,300 Books expense = $9,500 Food…

Q: If you can please also, add charts and graphs to broaden the explanation as well as add articles and…

A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…

Q: 3 Ways in which human decisions making differs from the rational individual

Q: 1. What is the opportunity cost of a particular product? a. The price paid for that product. b. The…

A: There is both implicit and explicit cost involved in order to achieve a particular god.

Q: 33. Opportunity cost is the next best alternative and includes the use of money, time, or resources…

A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Ivan stops studying before the point at which his marginal benefits of studying equal his marginal…

A: Marginal cost refers to the additional cost that incurs due to increase the output one more units.…

Q: Assume that the price per hamburger is $2.50. The incremental value to you of each hamburger is…

A: The choice of purchase is at MB=Price or MB>Price Here, P=2.5 and MB=4 at 3 units so your choice…

Q: holds that as an economy moves along its production possibilities curve in the direction more of a…

A: Opportunity cost is the renounced benefit that would have been gotten from a choice not picked. To…

Q: Your brother gave you a ticket to a hockey game as a birthday gift. The ticket cost your brother…

A: The opportunity cost is the benefit derived from the alternative option that is not chosen.

Q: Economics promotes which of the following as the way to make the best decision? O Continue an…

A: Marginal benefit is the additional benefit that the individual gets from the consumption of an extra…

Q: Practice Question 8: Resubmitted Table 1 James Lucy Wagons 16 18 Tricycles 32 24 Table 1…

A: Opportunity cost is the forgone benefit that would have been derived by an option not chosen.

Q: 1.1) Describe a significant trade-off that you recently faced and give an example of some action…

A: Opportunity cost is gradually known to be as the overall potential loss from a certain amount of the…

Q: Trade-offs are important part of economic decision making. You are supposed to Analyze and explain…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: True/False (1) People face identical opportunity costs when making decisions (2) Opportunity costs…

A: Opportunity cost is the amount of Income thay can be generated if an activities is not rejected to…

Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

I need the answer as soon as possible

20
* the opportunity cost of any action is
the highest-valued alternative
given up
the benefit from the action minus
the cost of the action
all the possible alternatives given
up
the dollars the action cost
21

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Need correct answer. Alongwith explain each option.please need argunt . Thank you
to treat a sore back Kyoko undertakes a course of physical therapy.Kyoko's marginal benefit from her first physical therapy session is $250 from her second its $225 , from her third its $175 anf from her its $100. physical threapy sessins cost $175 each. assuming kyoko's final physical threapy session will earn her zero consumer surpus, kyoko will have _ physical threapy sessions and her total consumer surpus will be_ A .four, $0 B. three, $100 c. four, $125 d. three, $125
4.Explain why opportunity cost is the best forgone alternative and provide examples ofsomeopportunity costs that you have faced today.
ON1000 Principles of Economics S1 20/21 Quiz navigation If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15 weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester, then your opportunity cost of attending college this semester is ion 3 2. 3. 4. vet ered 10 11 12 13 ked out of O a. $38,500. 19 20 lag question O b. $31,000. Finish attempt .. O c. $26,800. Time left 0:27:52 O d. $26,500. Next page Previous page
2. Your opportunity cost of going to a movie isa. thepriceoftheticket.b. thepriceoftheticketplusthecostofanysodaandp
. How does economics play a role in decision-making at Asian Paints?
Hacmillan Leaming Christine and Paul are deciding how to split their time between writing music and lyrics for their new album. Their PPF's for 72 h of work are shown. Christine and Paul have to write music for 8 songs and lyrics for 12 songs (4 songs already have music). When they are done, they can go to a private island and relax from all their hard work. It is possible that they will use more than 72 h. Once they start writing lyrics and music, assuming their hired help packs for them and their plane is waiting outside their door, in how many hours can they board the plane to their relaxing island getaway? Christine will write music for Paul will write music for Christine will write lyrics for Paul will write lyrics for h songs. songs. songs. songs. Music written (in # of songs) 1 0 Paul's PPF 1 Christine's PPF 2 Lyrics written (in # of songs))
Give typed explanation of the each option given
Anastasia, Emma, and Greta are deciding what to do on a weekend getaway. They each suggest a first, second, and third choice and then vote on the options. Table 18.2 shows their first, second, and third choice preferences. Explain why they will have a hard time teaching a decision. Does the group prefer mountain biking to canoeing? What about canoeing compared to the beach? What about the beach compared to the original choice of mountain biking?
What is the set of techniques in the making of decisions, which compares the costs and benefits, but looks at them subjectively and does NOT translate all concerns into market (dollar) terms? O Cost-Benefit Analysis O Cost-Effective Analysis O Co-Payment O Just ask your economics professor.
Wendy Be Help ell me what you want to do ー t ▼ 스▼tt ▼ TNorm allTNo Spac Heading 1 Heading 2 Title Subtitle Subtle Em Emphasis Intense E Paragraph Styles the opportunity cost of any decision that you make involves giving up something. I would like you to evaluate your opportunity cost of taking this course at Kean University. What opportunities may be afforded to you after you have completed your educational endeavor at KU? What will you have to give up now to accomplish your short and long-term goals? Being a full time online student
Price elasticity measures the responsiveness of the quantity demanded or supplied to a good to a change in its price. Note: Select an option True False er than the Save Answer button will NOT save any changes to your answers!