What is the approximate opportunity cost of producing

Assignment Help Business Economics
Reference no: EM13840241

If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?

Reference no: EM13840241

Questions Cloud

Income elasticity of demand for your firms product : The income elasticity of demand for your firm’s product is estimated to be 0.75. A recent report in The Wall Street Journal says that national income is expected to decline by 3 percent this year. What should you do with your stock of inventories?
Which divisions are efficient : Suppose that one must divide $1,000 among 100 students. Which divisions are efficient?
Roughly speaking-merger between two firms is legal : Roughly speaking, a merger between two firms is legal:
Sampling theorem and quantization : You are to analyze the audio recording and playback system shown below. The input audio frequency range is fÎ[0, 3.5] kHz. The listener's hearing range is fÎ[0, 8] kHz. The ADC operates at the programmable sample rate of fs = n8kHz, n an integer.
What is the approximate opportunity cost of producing : If the economy is currently producing 40 units of cotton and 6 units of wheat, then what is the approximate opportunity cost of producing 10 more units of cotton?
What is the social surplus created by eradicating polio : Suppose that the cost of eradicating polio from a society of 1,000 persons is $5 per person. Also suppose that only two persons in the society will benefit from that policy, and the benefit to each of those persons is $2,000. Then what is the social ..
Concepts of cross elasticity and income elasticity : Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerio’s cereal specifically). how does an increase in price for this good aff..
What is the long-run optimal input combination : Suppose the production function for pasta is Q = 4kl ; What is the long-run optimal input combination when Q = 16 , r = 4 , and w = 36 and what is the long-run total cost function when r = 4 and w = 36
Explain why there is blurry line dividing objects : Explain why there is a blurry line dividing objects that are money from those that are not. Give examples of some clear-out cases and some borderline ones. Could the position of this blurry line change over time?

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