Your total economic cost of UNC Charlotte includes which of the following? O Your out of pocket cost for tuition, fees, housing and supplies. O Lost income from a job you could have been working instead. O Forgone investments you could have made with the money spent on tuition. All of the above
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- S Assume you graduate from college with an accounting degree and take a job that pays $50,000 per year. You have an opportunity to enroll in a one-year full-time MBA program. Which of the following should NOT be included as the opportunity cost of attending the MBA program? the retirement benefits you will lose if you quit your job to pursue the MBA the cost of tuition and fees if you were to enroll in the MBA program O the $75,000 salary that you expect to earn after completing your MBA O the $50,000 salary that you could have earned if you kept your job. "The opportunity cost of using any factor is what is currently forgone by using it." This definition of opportunity cost is given by- (A) Joan Robinson 99 (B) Prof. Lipsey () km(D) PaulA. Samuelson as (C) MarshallAfter graduating college Allen wants to start a business selling hats. He has saved $10,000 which will be enough for the startup costs for his online store. His dad thinks that he should instead invest in a mutual fund that pays 3% per year. If Allen will have materials and labor costs of $4,000 per year and expects a total revenue of $5,500 per year, what is his opportunity cost of starting this business? d. Opportunity costs is not measured in dollars, but only the time he will spend on his business. c. The opportunity cost is $10,000 because he will have to spend that to start the company. a. There is no opportunity cost because he is making a profit. O b. His opportunity cost is the $300 he would have earned from the mutual fund.
- Which economic model reveals the variety of options for what to do with your scarce time? Supply curve Demand curve O Income distribution curve O Production possibilities curveYou rent a car for $29.95. The first 100 miles are free, but each mile thereafter costs 10 cents. You plan to drive it 200 miles. What is the marginal cost of driving the car beyond the first 100 free miles? O The marginal cost is $10.00 plus the cost of gas. O The marginal cost is whatever can be purchased with $29.95 plus $10.00. O The marginal cost is $29.95. The marginal cost is the cost of gas plus the initial payment.Carefully explain how the following hypothetical situations would affect the cost.benefit calculation of going to co!lege: a. It is increasingly the case that full-time undergraduate students need 5 years toor's degree.complete all of the requirements for a bacheleb. The real earnings of college-trained workers increase while those for highschool-trained workers decrease.
- The concept of opportunity cost is that the economic cost of using a factor of production is the alternative use of that factor that is given up. O the cost of production varies depending on the opportunity for technological application. O taking advantage of investment opportunities involves costs. O in a market economy, taking advantage of profitable opportunities involves some money cost.Timothy quits his job which pays $59000 a year to enrol in a 3 year degree graduate program. His annual school expenses are $60300 for tuition, $9500 for books and $3000 for food, what is his opportunity cost of attending the graduate program?Suppose that you own a house. What is the opportunity cost of living in the house? O The opportunity cost is the cost of your monthly mortgage payment plus bills. O The opportunity cost is the rent you could have received from a tenant if you didn't live there. O There is no opportunity cost unless you could set up a business in the house. O There is no opportunity cost because you own the house.
- Monica has spent $30 000 purchasing and repairing an old cabin, which she expects to sell for $40 000. She discovers that she needs an additional repair, which will cost $20 000. She can sell the cabin as it is now for $25 000. As an economist, what do you recommend Monica to do? Select one: O a. She should never sell something for less than its cost. cross out O b. She should complete the repairs and sell the cabin. cross out O c. It doesn't matter which action she takes; the outcome is the same either cross out way. O d. She should take the $25 000. cross out] Suppose that a football team is holding tryouts for various positions. A certain playertries out for both offensive line and defensive line. He ends up making the team as an offensivelineman. However, he is actually better at the defensive position. He is puzzled by this so he asksthe coach to explain. What do you think the coach told the player? Relate this to an economicconcept or concepts we have discussed.You decide to buy a car. The following are some questions you have to answer with respect to your purchase. Which question is directly associated with engineering economics? O a. what colour? O b. what size? O c. CD player or tape player? d. to lease or to own? O e. Ford or Toyota?