Question

a. Explain the concept of opportunity cost. b. What is the opportunity cost of your sitting...

a. Explain the concept of opportunity cost.

b. What is the opportunity cost of your sitting this exam?

c. What is the opportunity cost of you studying at the University?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

a) It is the cost of the next best alternative not selected or forgone when a given alternative is selected. For any economic activity, its opportunity cost is the sum of explicit cost incurred on its appraisal and the implicit cost for which no payment is made but the cost is realized implicitly.

b) This depends on what you could have done while not giving this exam. If you were watching a movie, then the opportunity cost of this exam would have been the movie that you have sacrificed. If you had a job that paid you an hourly wage, then this wage could have been the opportunity cost of this exam

c) This would be the earnings you could have accumulated when you were working for a company and were not studying in the university.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
a) Explain, in your own words, the Law of Increasing Opportunity Cost. (b) What is the...
a) Explain, in your own words, the Law of Increasing Opportunity Cost. (b) What is the reason for the law? (c) Give a brief example where you have observed this law in your own life.
Explain the concept of discount rate using the concept of opportunity costs. (Thanks. please explain what...
Explain the concept of discount rate using the concept of opportunity costs. (Thanks. please explain what the connection between these two excepts.)
Define opportunity cost. What is the opportunity cost to you of attending college? What was your...
Define opportunity cost. What is the opportunity cost to you of attending college? What was your opportunity cost of coming to class today?
Using the concept of oppoprtunity cost to determnne comparative advantage, explain what accounts for differences in...
Using the concept of oppoprtunity cost to determnne comparative advantage, explain what accounts for differences in opportunity costs?
Explain the opportunity cost of not providing excellent early education. In your explanation define opportunity cost...
Explain the opportunity cost of not providing excellent early education. In your explanation define opportunity cost and explain the external benefits that result from educating someone else's children.
Provide your own definition of “opportunity cost”. Discuss what the opportunity cost of attending college is...
Provide your own definition of “opportunity cost”. Discuss what the opportunity cost of attending college is for you, noting that the concepts of opportunity costs and explicit monetary costs are not the same.
What is your opportunity cost of attending classes on campus? For the purposes of keeping things...
What is your opportunity cost of attending classes on campus? For the purposes of keeping things simple, focus on finding the opportunity cost, expressed as a dollar amount of your opportunity cost of attending a one-hour class on campus. First, find all your alternatives to attending class. Then assign a dollar value to each alternative. Next rank your alternatives, and last, based on the highest ranked alternative, share your opportunity cost. Since you have made the decision to take this...
Using the concept of opportunity cost present an argument in which you incorporate the ideas of...
Using the concept of opportunity cost present an argument in which you incorporate the ideas of Rawls, Titmuss, and Abramovitz into a well-thought out essay defending aid for the poor. What are the unintended consequences of not providing for the poor? Hint: How will this enhance social capital and improve the lives of all people?
Sunk or opportunity cost Explain the difference between a sunk cost and an opportunity cost and...
Sunk or opportunity cost Explain the difference between a sunk cost and an opportunity cost and give an example of each.
que 1 (a) What is your understanding of the concept of management? (b) Explain five (5)...
que 1 (a) What is your understanding of the concept of management? (b) Explain five (5) management functions and how they influence organisational efficiency and how to attain it
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT