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Describe the concept of opportunity cost with an example

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Question 1. Why is the study of economics an important part of social science? Give an example from the real world.

Question 2. How do you measure the efficiency of resource allocation? Give an example from a real-world application of measuring the efficiency of resource allocation.

Question 3. Define and describe the concept of opportunity cost with an example. What would be your opportunity cost for taking online classes to get a degree at the University of Massachusetts Boston (UMB) compared to taking traditional face-to-face classes at UMB or elsewhere? Provide examples in your answers.

Question 4. Suppose the ticket prices for next year's Super Bowl were announced a year ahead at a range from $1,000 to $25,000, with rates in between for all categories of seats for the stadium. Without any prior information regarding what teams will play, briefly explain why these price ranges do not reflect the true market price of Super Bowl tickets. Do you expect to see the actual market prices much higher, lower, or exactly the same? Why?

Reference no: EM132541123

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