Lower opportunity cost

Assignment Help Business Economics
Reference no: EM13817338

Joe can make apple pie at a lower opportunity cost than Sandy but Sandy can make more apple pies per day than Joe. This means that

A. Joe can’t benefit by trading with Sandy

B. Sandy won’t benefit by trading with Joe

C. Joe has a comparative advantage in making apple pie

D. None of the above

Reference no: EM13817338

Questions Cloud

Shows the benefits it will bring to the organization : The CEO of SkyWrench was impressed with your project management skills and has asked you specific questions about project management maturity models. However, he is confused with the choices. Given your knowledge of the SkyWrench business (be creativ..
The director of a youth basketball league in a large city : You are the director of a youth basketball league in a large city with thousands of kids participating. You count on parental involvement to coach your teams, but you continue to have verbal abuse problems with parents towards the referees, opposing ..
Is this higher or lower than the equilibrium interest rate : Describe where the liquidity-demand/money supply equilibrium appears on the graph. Suppose in this period the interest rate is i0. Is this higher or lower than the equilibrium interest rate? Will next period’s interest rate be higher or lower than th..
Suppose the equilibrium quantity of movie tickets : Suppose the equilibrium quantity of movie tickets is 1000. If the demand curve shifts _________, the equilibrium quantity of movie tickets will ____________.
Lower opportunity cost : Joe can make apple pie at a lower opportunity cost than Sandy but Sandy can make more apple pies per day than Joe.
Available factors of production are being efficiently used : When all of the available factors of production are being efficiently used,
The production possibilities frontier represents what : The production possibilities frontier represents what?
Contribute to income inequality : Which of the following contribute to income inequality?
Example of an opportunity cost : Which of the following could be an example of an opportunity cost

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