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(1) You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.
(2) Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you were not in class, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of sitting in class.
(3) The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in $$$) your opportunity costs of going to college.
(4) Discuss the opportunity costs of natural disasters. Calculate (in $$$) your opportunity costs of natural disaster.
(5) Read the articles and create your own example of opportunity costs. Your ideas should be supported by calculation (in $$$) of opportunity costs.
A project manager must consider several components when overseeing the planning process of aggregate operationsspecifically, whether such components are factors that are internal or external to the organization. Which of the following factors would..
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1. in recent years consumption spending by households has accounted for about 70 of the total spending aggregate demand
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Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related. Explain how sellers' costs, producer surplus, and the supply curve are related.
Imagine you are an international monetary fund official going to a country whose export earnings are not able to pay for imports. The government has requested a loan from the IMF. In which areas would you recommend the government to cut: education, s..
A firm has $1,900,000 in sales, a Lerner index of 0.55, and a marginal cost of $50, and competes against 800 other firms in its relevant market. What price does this firm charge its customers? By what factor does this firm mark up its price over marg..
Recall the looser pay winner auction experiment done in class. discuss how these experiments explain why the bidders changed their minds toward wanting to bid well above the value of the prize, even though they refused to do so at the beginning.
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