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Question: Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. "The opportunity cost of an alternative is what you give up to pursue it" (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 - $80 = $20. Please delve into the statement there are always opportunity costs. How can an individual make the best decision? Is there a best decision? Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.
In 1961, Charles de Gaulle decided he did not want the French franc to be considered as a second-rate currency, so he chopped two zeros off the value.
Identify one monopoly from which you buy a good or service. Identify one monopolistic competitor that you buy a good or service from.
Compute the four ratios above for your company and determine which rating is closest for each ratio (the numbers in the table are medians, not floors and ceilings) and "Guess" what the company's overall rating would be based on the four ratios.
1. The basic sociological fact in Buddhism is _______. a. Karma b. Samgha c. Mara
What effect would this decision have on the official measure of the rate of unemployment in Tasmania?
An insurance company checks police records on 588 accidents selected at random and notes that teenagers were at the wheel in 96 of them. Construct the 95 percent confidence interval for the percentage of all auto accidents that involve teenage driver..
a software producer has fixed costs of 20000 per month and her total variable costs tvc as a function of output q are
The United States has been the largest exporter of corn for over 40 years. How can Economics and comparative advantage explain this? Other countries have no use for corn since they produce other foods.
Explain the law of demand. What does it tell us about the shape of a demand curve? Draw graph that reflects the law of demand
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
Grocery Outlet (G) and Savemart (S) are two rival grocery stores. Each is planning its advertising strategy for the upcoming month.
what are the implications of the current domestic (and worldwide) inflation, the appreciation of US dollars, the Ukarian-Russia war, and the supply chain
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