Demonstrates scenario with no opportunity cost

Assignment Help Business Economics
Reference no: EM131165277

Which of the following demonstrates a scenario with no opportunity cost?

-It's Friday night and you have no obligations the next day, so you stay up late talking and hanging out with your friends.

-The chemistry club is giving out free pizza for lunch to all who come to their table to get it.

-Naomi, age 8, is at a bookstore and chooses to buy a book about a young wizard instead of buying a math textbook that she would probably never open.

-Chez Moi and Chez Nous, two premiere French restaurants with three Michelin stars, both offer you a full time sous chef job at the same salary. You are ecstatic because you know it is a win-win scenario and choose to work for Chez Nous.

-All of these scenarios have an opportunity cost.

Reference no: EM131165277

Questions Cloud

What does influence consumer decision making : What does influence consumer decision making? What is the role of price in consumer decision making? What is the role of metrics in company’s performance? How can companies use metrics to improve their performance?
Many challenges to estimate when to continue to operate : When looking at firms, you will find that they are facing many challenges to estimate when to continue to operate. The challenge that a firm is going to face is to measure their fixed and variable costs. What are some challenges that a firm is going ..
Assume the monopoly has no fixed costs : Suppose there are two groups, a high price group and a low price group. Assume the monopoly has no fixed costs such that operating with a loss corresponds to operating where revenue is less than variable production costs. Also assume that if the mono..
Change in quantity demanded is due to the income effect : Suppose two goods, X and Y, are perfect complements. A consumer has $60 to spend. Initially, the price of each good is $2. If the price of good X falls to $1, how much of the total change in quantity demanded is due to the income effect?
Demonstrates scenario with no opportunity cost : Which of the following demonstrates a scenario with no opportunity cost?
Derive the equation of the market short-run supply curve : There are 2 firms in the yoghurt market, Dannon and Yoplait. They produce yoghurt using milk (M) and capital (K) according to the production function. Compute the short run cost functions of Dannon and Yoplait. Derive the equation of the market short..
What is the public''s perception of the electric utility : Are safety hazards associated with generation, transmission, and distribution of electric power by the electric utility industry greater than or less than safety hazards associated with the transportation industry? The chemical products industry? ..
Would this patient qualify for medicare : Mrs. Fang is a 72-year-old retired school teacher who has been hospitalized for pneumonia. What type of insurance is most likely being used to pay for her hospital stay?
Provide a consistent look and feel to their services : It was impossible for the company to provide a consistent "look and feel" to their services. List them out. At least six  more can be found.

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd