FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal

We read this week that opportunity cost must be used to make rational decisions, we also read that people should make decisions after considering marginal benefit versus marginal cost.

Could you think in situations that you could use opportunity cost, marginal benefit and marginal cost concepts to make your own decisions?Provide examples. In one paragraph

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Economics

Principles of Economics

Authors: Fred M. Gottheil

7th edition

978-1133962069, 9781285064444, 1133962068, 1285064445, 978-1285064437

More Books

Students also viewed these Economics questions

Question

★★★★★
Describe the functions of the intestinal villi.

Answered: 1 week ago

Question

★★★★★
=+2. Categorize each of the following as a high- or lowinvolvement product: shampoo, computer, popcorn, apartment, cell phone service.

Answered: 1 week ago

Question

★★★★★
In a mile race between A and B, the time it takes A to complete the mile is an exponential random variable with rate a and is independent of the time it takes B to complete the mile, which is an...

Answered: 1 week ago

Question

★★★★★
Bilbo Baggins wants to save money to meet three objectives. First, he would like to be able to retire 30 years from now with a retirement income of $28,000 per month for 20 years, with the first...

Answered: 1 week ago

Question

★★★★★
During 2016, R Corp., a manufacturer of chocolate candies, contracted to purchase 100,000 pounds of cocoa beans at $1.00 per pound, delivery to be made in the spring of 2017. Because a record harvest...

Answered: 1 week ago

Question

★★★★★
This unit's discussion is designed to help you learn about cultures you might encounter in your professional work. we selected a country like Morocco using the CIA World Factbook, Please address the...

Answered: 1 week ago

Question

★★★★★
Question 1(15 Marks): A firm produces one good with a technology given by the production function y = f (x) = x1/3. The factor price w and the price p for the good are fixed. a) Explore whether the...

Answered: 1 week ago

Question

★★★★★
A large country named H is considering an import tariff to protect the industry that produces good X. The world's excess supply curve is P=1000+3X. Country H's excess demand curve is P=8000-50X. a.)...

Answered: 1 week ago

Question

★★★★★
The Heating Division of Sheffield International produces a heating element that it sells to its customers for $44 per unit. Its unit variable cost is $27, and its unit fixed cost is $5. Top...

Answered: 1 week ago

Question

★★★★★
Under statistical process control and process capability analysis, if a process is out-of-control and not capable, the logical next step would be to first... blame the operator of the process....

Answered: 1 week ago

Question

★★★★★
Peterson Furniture Designs is preparing its annual financial statements dated December 31. Ending Inventory Information about the five major Items stocked for regular sale follows: Required: 1-a....

Answered: 1 week ago

Question

★★★★★
Assume a consumer's utility function is given by U = min(2x, y) .The price of x is 1 and the price of}!r is 2 and their income is 100. The optimal choice g The optimal choice of y is Refer to the...

Answered: 1 week ago

Question

★★★★★
Why is it important for management to know the costs of individual products that are jointly produced?

Answered: 1 week ago

Question

★★★★★
It is not always possible to use physical units as a basis for allocating common costs. Why?

Answered: 1 week ago

Question

★★★★★
How does the relative sales value method of allocating common costs to joint products differ from the adjusted sales value method?

Answered: 1 week ago

Previous Question Next Question