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It has been said that the concept of opportunity cost is central to economics and economic thinking. Understanding opportunity cost will help an entrepreneur determine the true value of decisions.
Suppose you run a lawn-cutting business and use solar-powered equipment that you could sell tomorrow for $5,000. Instead of cutting lawns, you could work as a janitor for $300 a week. You have a savings account that pays a weekly interest rate of 0.20 percent (or$0.002 per dollar. What is your weekly opportunity cost of cutting lawns?
If Germany used all its resources to produce bread, suppose it could produce 40 million loaves of bread. If it used all its resources to produce milk, it could produce 20 million gallons of milk. Then Germany's opportunity cost of producing a ______ ..
About what percent of the worlds population earn about $2 USdollar (equivalent) or less per day?
The country of Alcazar has been growing at an impressive pace for the last five years. With improvements in technology, many industries have recorded remarkable growth in productivity
Would it be fair if colleges allocated seats in courses on the basis of price? In other words, let students bid for available seats in classes, rather than using a first-come, first-served system based on some sort of administrative procedure. Explai..
Firms in perfect competition will leave the industry if they
Imagine that you are a manager running a unit in a rehabilitation center. Up to this point, your primary population of payers has been elderly patients who come into the center for physical therapy. What potential solutions would you suggest to your ..
There are two stocks in an economy. If you buy a share of stock A, you have a 60% chance of getting $50 next year and a 40% chance of getting $30. Stock B has a 10% chance of getting $200 and a 90% chance of getting $31. Assume both stocks cost the s..
Specify the set of mutually beneficial allocations relative to the initial endowment and illustrate the set.
The principle that a firm should produce up to the point where the marginal revenue (MR) from the sale of an extra unit of output is equal to the marginal cost (MC) of producing the extra unit applies:
questions1. what type of uae companies would like to see higher tariffs and what type would like to seelower or no
Your firm manufactures sugar-free candies for diabetics. As one way to boost revenue and improve cash flow, a financial advisor has suggested entering the market for regular sugar-based candies. It's your responsibility to decide if this move makes s..
sales in joint facilities are lower than sales in two separate facilities. Elucidate what do these numbers imply for the decision of when to open a shared facility versus two separate facilities.
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