3. During the summer you have made the decision to attend summer school, which preve:ts you from working at your usual summer job in which you normally earn S5,000 for th summer. Your tuition cost is S3,000 and books and supplies cost S1,300. In terms of dollars, the opportunity cost of attending summer school is: A. SI0,300. B. S5,000. C. S4,300. D. S3,000.
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3. During the summer you have made the decision to attend summer school, which preve:ts you from working at your usual summer job in which you normally earn S5,000 for th summer. Your tuition cost is S3,000 and books and supplies cost S1,300. In terms of dollars, the
A. SI0,300. B. S5,000. C. S4,300. D. S3,000.
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- a] Draw a production possibilities curve (PP1). Label the horizontal axis Tools and the vertical axis Grain. Now, assume the development of a new technology that can be used only in the tool industry, and that it increases tool output by 50 percent. 6. Assume that the economy of Finhorn faces the following production possibilities: QUANTITIES PER YEAR C D b) Draw a new production possibilities curve (PP2) that reflects this new technology. A 25 40 50 Grain c) If Finhorn produced 12 units of tools per year, how many units of grain could be produced after the introduction of the new technology? 12 8 4. ToolsSuppose your Chaffey college tuition per semester is $4,000 and your extra expenses with the college during the year (books, ather materiais, gas, meals, etc) sum $3,000. If you were not attending college, you could work at firm X and get an annual salary of $ 5,000. What is your opportunity cost of attending college in one year? In your calculations assume that you are taking 2 semesters in a yearyour tuition is $27,000 this semester, your books cost $ 2,500, you can only work 20 rather than 50 hours per week during the 15 weeks you are taking classes and you make $10 per hour, and your room and board is $ 8,500 this semester (same as if not attending college), then your opportunity cost attending college this semester isSelect one: a. $34,000. b. $32,500. c. $ 42,500. d. $41,000
- Time left 0: If your tuition is $25,000 this semester, your books cost $1,500, you can only work 20 rather than 40 hours per week during the 15. weeks you are taking classes and you make $15 per hour, and your room and board is $7,500 this semester, then your opportunity cost of attending college this semester is O a. $26,800. O b. $26,500. O c. $38,500. O d. $31,000.Table Zoom A country has the following production possibilities table: Resources devoted Output of clothing Resources devoted Output of food to clothing to food 100% 20 0% 80 16 20 60 12 40 9. 40 8. 60 12 20 80 14 0. 0. 100 15 a. Graph the country's production possibilities curve. Be sure to label all parts of your graph. b. Say the country gets better at the production of food only. What will happen to the production possibilities curve? Demonstrate on your graph. c. Define increasing marginal opportunity costs. Now restate the definition in your own words. 2. X-Ray Machines .wSC 2 DIRK AND LEE'S PICK ck 2nd attempt Like a good economist, you calculated the cost of getting your college degree, including the opportunity cost. Suppose that at your university, you will pay $12,000 each year for tuition, $2,500 each year for textbooks, and $10,000 per year for room and board. Before you left for college, your boss at your high-school job offered you a job paying $15,000 per year. > ECON 202 Syll....docx 1 Assume that if you decided not to go to college, your parents would let you live at home for free. Including the opportunity cost, what is the cost of attending four years of college? $ | ! 1st attempt Q 6 OF 10 QUESTIONS COMPLETED A Z I control option w= Barnes_14e_SG....doc * @ 2 W #3 S D X H E command $ 4 000 000 с w Barnes_14e_SG....doc ^ R F do 5 % V T G 6 MacBook Pro B B Barnes_14e_Cha....ppt ^ Y H & 7 U 8 J N M - ▶▶ 4 VIEW SOLUTION ( 9 K 0 V H ) 0 L P > . I command option SUBMIT ANSWER D)) { [ ? | + 11 } X ] Show Al T de
- 0 WORDS POWERED BY TINY QUESTION 3 Which of the following will not shift the production possibilities curve to the right? O A. An increase in the quantity of a society's labor force O B. The reduction of unemployment O C. An upgrading of the quality of a nation's human resources D. The improvement of a society's technological knowledgeYour opportunity cost of going to a movie isa. the price of the ticket.b. the price of the ticket plus the cost of any sodaand popcorn you buy at the theater.c. the total cash expenditure needed to go to themovie plus the value of your time.d. zero, as long as you enjoy the movie and considerit a worthwhile use of time and moneyopenvellu mathxl.com/Student/PlayerHomework.aspx?homeworkld=611294898&questionld 1Gmail ITMG 1B Econ 2100 三 Homework: Basics ... Question 10, 1.1 Questio... く onomic If Arif can make 20 pizzas or 10 cakes in one day, the opportunity cost of O A. 1 pizza is half a cake. O B. 2 pizzas is 2 cakes. O C. 2 pizzas is 4 cakes. O D. 1 pizza is 2 cakes. O E. one half a pizza is 2 cakes. st
- a. Explain the following statement : "Surely, as you begin this course, you recognize that time is one of the scarcest resources of all. Your primary decision problem is to allocate a scarce resource -time- to achieve a goal-such as mastering the subject matter or earning an A in the course."1 Answer the following questions: Your hard work was rewarded by a bonus payment of RMB 7000 from your employer. You decided to spend the entire RMB 7000 on buying a new Huawei cellphone although you have a less preferred option of going to Guangzhou for a short trip by spending RMB 5000. Is there an actual (explicit) cost of getting the Huawei phone? What is the opportunity cost concemned - RMB 0, RMB 5000 or RMB 7000? Explain your answer. [Hint: By explicit cost, consider if any money comes from your own pocket] If the decision to buy the cellphone remains valid, but there has been no bonus payment and you have to pay for the phone with your own money. Will the opportunity cost be different from your answer in part a.? Explain. You made a RMB 1000 deposit in your Piggy bank on getting a new iPhone priced at RMB 9000 (i.e. RMB 8000 has yet to be paid to get the phone) which you thought was totally worth it. Before completing the transaction, you came to realize that a new Huawei…Which of the following scenarios might explain what an economy would be operating inside its production possibilities curve? Select one: O a. Because damage to natural resources, such as might be caused by deforestation leading to erosion of topsoil, has shrunk the land resource O b. Because of discrimination against employing workers of a certain race or gender O . Because shrinking population has reduced the number of productive workers in the economy O d. Because technological innovations have increased the productivity of labour and capital