Discuss the opportunity costs of natural disasters

Assignment Help Business Economics

Reference no: EM131195993

(1) You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.

(2) Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you were not in class, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of sitting in class.

(3) The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in $$$) your opportunity costs of going to college.

(4) Discuss the opportunity costs of natural disasters. Calculate (in $$$) your opportunity costs of natural disaster.

(5) Read the articles and create your own example of opportunity costs. Your ideas should be supported by calculation (in $$$) of opportunity costs.

Reference no: EM131195993

Questions Cloud

View deadweight loss that arises if you set monopoly price : A monopolist produces a product which has high investment cost. The marginal cost of the product is very small ( negligible ). The monopolist has a patent for the product. Show in a chart the price of goods that would arise if the company is unregula..

Suppose monopolist faces the demand and cost curves : Suppose a monopolist faces the demand and cost curves shown in the figure below. The monopolist maximizes profit (minimizes loss) by producing __________ units of output. The monopolist will sell its output at a price of $__________ per unit.

Using the cost curves for the price-taking firm : Answer the following questions using the cost curves for the price-taking firm shown in the figure below. If price is $3 per unit of output, draw the marginal revenue curve. The manager should produce _____________ units.

The manager of competitive firm : The manager of a competitive firm will:

Discuss the opportunity costs of natural disasters : You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. Discuss the opportunity costs of natural disasters. Calculate (in $$$) your opp..

Draw the consumer budget constraint on the plane : Suppose, as in the federal income tax code for the United States, that the representative consumer faces a wage income tax with a standard deduction. Draw the consumer's budget constraint on the (l,C) plane.

Think of free offers used by online retailers or marketer : Based on these articles and other readings you may find, what do you think of the “free” offers used by online retailers or marketer? Do you think the “free” offers would be more effective than coupons? Use some concepts you learned from module 5, as..

Households paid for providing entrepreneurial ability : Suppose the a business buy a total 110 billion of the four resources (land, capital, labor and entrepreneurial ability) from households. If households receive $64 billion in wages, $12 billion in rent, and $22 billion in interest, how much are househ..

What is the effective price for the product : A monopolist produces a product which has high investment cost. The marginal cost of the product is very small (negligible). The monopolist has a patent for the product. Show in a chart the price of goods that would arise if the company is unregulate..

User Account

All Pages