Discussion of opportunity costs

Reference no: EM1369950

Master Card has a series of cute commercials that list a series of accounting items and costs leading to the priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free.

Reference no: EM1369950

Questions Cloud

Design diagram data warehouse using star schema : Assume that data warehouse consists of three dimensions time, customer, and cell phone plan, and two measures number of calls and cell phone bill. Sketch a schema diagram for above data warehouse using star schema.

Determining opportunity cost : Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.

Starbucks mission statement : Please find an existing mission statement of Starbucks and then comment on the features, strengths and weaknesses of this mission statement.

Show important information about restructuring : Important information about Restructuring - "Restructuring" is a popular management technique in recent business experience within the United States.

Discussion of opportunity costs : Master Card has a series of cute commercials that list a series of accounting items and costs leading to the priceless product. Cell phones are often advertised as being free.

Explain enterprise architecture using zachman framework : In your opinion, does framework necessarily lead to the top-down approach to development, e.g. you start with models in row 1, then work on row 2 models, and so on?

Determining output-price and profits : As a monopoly, compute Quick Tax's output, price, and profits at the profit-maximizing activity level.

Determine consumers surplus : Interferences such as rent controls and farm value supports reduce efficiency of markets. In terms of the balance of Qd and Qs, explain why do they do this?

Analysis of simulation : Make a solution using strategic variables available to you to sustain the economic profits firm can earn. What are some of pricing strategies which you would recommend? What are some of the nonpricing strategies which you would recommend?

User Account

All Pages