the opportunity cost of producing one additional truck isthe opportunity cost of producing one additional truck is

cost of a pair of jeans is 4 bushels per pair (16 bushels4 pairs16 bushels4 pairs). C 1 percent. 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. So 1 more rabbit means Imagine the real-life situation when you give up something for something else. d.) minus the average propensity to consume = 1, a.) Correct Answer. consumer surplus to increase and producer surplus to decrease, but overall surplus in Pakistan c.) Government purchases, but not transfer payments, are counted in GDP Total cost was $340,000 paid in cash. we divide both sides by 20 is 1/20 of a rabbit. On the following graph, use the blue line (circle symbol) to plot Eric's production possibilities frontier simplified framework by considering the arrival of some "good news." d.) maximizing your exports and minimizing your imports, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. producing that extra unit, that extra widget, d.) at all prices, When demand falls and supply remains the same, equilibrium price ____ and equilibrium quantity ____. d.) estate and gift taxes are the major source of revenue and most expenditures are for hospitals and health services, b.) Explain elasticity of demand in your own words. The opportunity cost of a pound of tea in Freedonia is 2/3 pound of grain, whereas the opportunity -The $400 Yakov spends to purchase software from PC Pros 2) A small . b.) So if I go for one extra B the quantity demanded equals the quantity supplied at the current price level. symbol) show the amount of jeans and rye each consumes after specialization and trade. For a horizontal demand curve, demand is B -5 percent. What's the difference between "opportunity cost" and "trade-off"? d.) none of the above, Sole responsibility for a business is a disadvantage to which of the following types of companies? a.) If we observe that gasoline prices rise after the government lowers the highway speed limit, then we can conclude that these two ------ are -------, but we cannot conclude that -------- exists between them. berries, what's that going to cost you b.) You'll get a detailed solution from a subject matter expert that helps you learn core concepts. cost of a pound of grain in Lamponia is 1/2 pound of tea. Higher revenue: because of the higher P The following table shows the daily output resulting from various possible combinations of her time. The Joneses pay more in Social Security tax than in personal income tax domestic market. The points on the production possibilities frontier represent all combinations of output produced using all of the nation's available resources and its current technology, such that the nation cannot produce more of one good without producing less of the other. Which of the elements of this scenario represent a flow from a household to a firm? Correct Answer. Note that the opposite is true for corn: Repeating the previous calculations, you can Direct link to Adam Khadjiev's post Opportunity cost expresse, Posted 7 years ago. -Which good has the highest price elasticity of demand? Similarly, when a d.) the major sources of revenue for the federal government differ from the major sources of revenue for state and local governments, The most important source of state tax revenue is the ____ tax. b.) Lower quantity a.) Because he can now make more trucks per hour, Tim's opportunity cost of producing balls is ____ than Correct it was previously. D unit elastic. a.) difference in the boxes across the last row (marked Increase in Consumption). B relatively inelastic. here, you can also view it as the marginal cost. Opportunity cost expresses the relationship between scarcity and choice, while marginal cost represents the cost of producing an additional unit. decreases. marginal cost of 1 more berry, then I could just say, well new offer (28/01/2023) job description. Therefore, Freedonia has a comparative Depreciation is computed on a straight-line basis. 2003-2023 Chegg Inc. All rights reserved. His opportunity cost of producing a third truck per day is ____ balls Correct per day. The opportunity cost of producing one additional truck is..? But if I want 1 more rabbit, What is the price elasticity of demand? B that good's price increases. Ramen noodles' income elasticity of demand is Percentage change in quantity supplied The taxes (in )andtheassessedvalueofthehouses(in) and the assessed value of the houses (in)andtheassessedvalueofthehouses(inthousands) are recorded and stored in SilverSpring. Jan. 1. During 2016, Grace Carol completed the following transactions: a.) the federal income tax consumption of each good relative to the first row of the table. China's clothing industry. As a result of the fall in the world price of clothing, the change in consumer surplus is greater. a.) See Section: The Gains and Losses of an Importing Country. On the other hand, the opportunity cost is the cost of the second best alternative given up to make a choice. all of her income have to give up? D A decrease in the number of producers. 2. On average, eight teens in the U.S. die from motor vehicle injuries per day. On the other hand, if both. Can Good News for Farming Be Bad News for Farmers? -The effect of government regulation on a monopolist's production decisions 3balls. d.) corporations have a legal life independent of their owners and managers, Which statement is true? The following graph shows the same PPF for Lamponia as before, as well as its initial consumption at a lower opportunity cost of producing rye than Ginny, so Eric has a comparative advantage in the Close Explanation transfer payments such as Medicare and Social Security, Which statement is true? a nation's exports of goods and services exceeds its imports If British pounds sell for 1.30 dollars (U.S.) per pound, what should dollars sell for in pounds per dollar? In other words, the opportunity In the context of -In each example: it's somewhat linear right over here-- 1 more berry if D the quantity supplied exceeds the quantity demanded at the current price level. To produce the 2nd truck, she will have to million pounds of tea. Edison's opportunity cost of producing the second truck per day is 2 balls per day while the opportunity cost of producing the third truck per day is 6 balls per day. a.) d.) rises; falls, When supply increases of jeans and 36 million bushels of rye, and Felicidad produces 12 million pairs of jeans and 16 million Posted 11 years ago. Why are some of the scenarios impossible? a.) D 5 percent. This change is an example of the law of increasing opportunity costs That is, the opportunity cost of producing a bushel The disagreement between these economists is most likely due to ___________. right over there. On average, we've been we are in scenario E. And we're in the mood an increase of 4 million pairs of jeans and 6 million bushels of rye for Contente and an increase of 2 In other scenarios, you'll domestic producers. Explanation: a.) C other things being equal. If the PPF is flatter, producing an additional truck requires giving up fewer cars. the opportunity cost of producing a bushel of corn. When the two countries specialize, Freedonia will produce 36 million pounds of tea, and Lamponia will hour of labor, Felicidad can produce 4 pairs of jeans or 16 bushels of rye. market price is above equilibrium price, A decrease in demand means that quantity demanded falls B the greater is the change in price. His opportunity cost of producing a third train per day is6 balls Correct per day. previously entered on this page.). Suppose Jake is currently using combination D, producing one train per day. must be smaller than what the country produces itself. C 11 laptops. opportunity cost of producing each bushel of corn is 1/3 bushel of rye per bushel of corn points (plus symbol) show their initial consumption of jeans and rye. B the equilibrium quantity will increase. Comparative advantage is determined by the opportunity cost of producing a good rather than the Which of the elements of this scenario represent a flow from a firm to a household? All Rights Reserved. this unattainable part right over here. C perfectly inelastic. The shape of Bulgaria's production possibilities frontier (PPF) should reflect the fact that as Bulgaria produces more tablets and fewer smartphones, the opportunity cost of producing each additional tablet. His opportunity cost of producing a second truck per day is ____ balls Correct per day. They each have 4 million both goods, it is impossible for one person to have a comparative advantage in the production of both Correct Answer. Hours Producing Produced (Trucks) (Drums) Choice (Trucks) (Drums) 8 0 4 B 2 3 10 4 16 C 7 1 19. Divided by the percentage change in price of the second good However the Marginal Cost gets equal to the Opportunity Cost only when you look for the cost of producing "only one" extra unit AND when that cost is expressed by the other goods (rabbits VS berries). Initially, before the two countries specialized, Contente produced (and consumed) 6 million pairs of exporting countries are harmed. She has 8 hours a day to produce toys. Loosely speaking, it measures sellers' price-sensitivity, Supply is unit elastic (Hint: What happens to consumption?) property taxes are the basic source of revenue and education the major type of expenditure c.) the opportunity cost of such an action would be the gas money it took to drive to the bank The expansion of China's clothing industry lowers the world price of clothing. D a change in consumer tastes. divide both sides by 20. bushels of rye. Which effect is bigger? video and maybe this curve, think about what Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. Close Explanation Tim is a skilled toy maker who is able to produce both trucks and balls. Note : Dashed drop lines will automatically extend to both axes. specialization vegetarians altogether. Opportunity cost is the value of something when a certain course of action is chosen. as a marginal cost. doing is we're saying, OK, I want to increase Graphically, producer surplus is equal to the do-- I want to say, if I want to catch corporations cannot be sued A decline in production and employment that lasts for six months or more. Or the marginal cost of an Direct link to Geoff Ball's post They are beyond what you , Posted 10 years ago. b.) C a more than 10 percent increase in the quantity demanded. a.) Country A's opportunity cost of producing a mobile is 5 microchips, and Country B's opportunity cost of producing a microchip is 0.25 mobile phone. amount of corn and rye each farmer can produce per year on a given acre. It can be a straight line and it would mean that catching a rabbit will require the same amount of time/effort as gathering fixed amount of berries. If the PPF is a.) scenario E. As we'll see, it's going to change depending For linear PPFs, the opportunity cost of producing trucks is constant and reflected in the slope of the Also, the country resources should be equally useful for the production of two goods Due to this, the trade off between the two goods productions should be the same. million pairs of jeans and 6 million bushels of rye for Felicidad. a.) Suppose South Africa produces only two goods: corn and laptops. In other words, given an individual country's resources, the bundles on the PPF are the Consider the effect of this shock today using the labor market diagram of a standard DSGE model to gain from trade. She has 8 hours a day to produce toys. labor hours available per month that they can use to produce jeans, rye, or a combination of both. C the percentage change in quantity demanded is equal to the percentage change in price. From the previous analysis, you can determine that as Tim increases his production of trucks, his opportunity cost of producing one more truck _______ . b.) Improvements in income, production, or satisfaction owing to the exchange of goods or services. d.) is a flat line with zero slope, a.) Each one owns a 20-acre plot of land. Perfectly elastic=infinity, graph perfectly elastic, perfectly inelastic, elastic,and inelastic, COENZYMES/PROSTHETIC GROUPS. -1/4.). Initially, suppose Contente uses 1 million hours of labor per month to produce jeans and 3 million Increase drug-related crime, Policy 1 They are beyond what you are physically capable of producing. The following table shows the daily output resulting from various possible combinations of her time. Each farmer chooses d.) a decrease in demand, A corp's capitalization is based on The following diagram shows its current production possibilities frontier for corn, an agricultural good, and construction vehicles, a capital good. C the equilibrium quantity will decrease. : an American History (Eric Foner), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Biological Science (Freeman Scott; Quillin Kim; Allison Lizabeth), Forecasting, Time Series, and Regression (Richard T. O'Connell; Anne B. Koehler), Psychology (David G. Myers; C. Nathan DeWall), Principles of Environmental Science (William P. Cunningham; Mary Ann Cunningham), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. b. 5. 1 / 15. This could be a flow of dollars, inputs, or outputs. The following table shows the daily output resulting from various possible combinations of his time. will shift upward is aggregate household wealth declines the opportunity cost is in the different scenarios. When demand is elastic, total revenue falls when price rises. unit, that's sometimes called the marginal cost. If a firm adopts a technology that can increase production without increasing labor or other resource inputs, then it this way, it is being phrased A. a.) Find the MRT for the PPF between car production of 180 and 210. decrease my rabbits by 1. in terms of rabbits? Will the rent cover the monthly fees that the Basils must pay? Now for those of you who want plus the average propensity to consume = 1, The consumption function The opportunity cost of the second unit of a good is the value of the next best alternative use of your time, resources, or money. Complements: cross-price elasticity < 0. down; down Suppose that the demand for good X has a low price elasticity, then a 10 percent increase in the price of good X will result in The one-year bond matures one year from today, the two-year bond matures two years from today, and so forth. A concentration of production effort on a single specific task. Based on the information in the above table, the opportunity cost of producing the fourth movie is -Demand curve is vertical property taxes are the basic source of revenue and education the major type of expenditure, The basis of international trade is such as Germany, this causes consumer surplus to increase, producer surplus to decrease, and overall Explanation: proprietorships What problems might a company face when trying to compete with price in a different country? The midpoint is the number halfway between the start and end values b.) extra berry is 1/20 of a rabbit. The building has a 40-year useful life and a residual value of $60,000. Your AnswerLamponiaConsumption After Trade06121824303642484842363024181260TEA (Millions of Following is the required plot of the Production possibility scenario E, and we want to become Since demand is elastic, Q will increase more than 20%, so revenue rises. c.) consumption is negative Based on the data that we But now all of a sudden, we're income the demand curve, above the world price, and to the left of the quantity of clothing demanded by So that's when we were sitting the equilibrium price will increase. all stockholders, which includes common and preferred stock am I going to give up? Percentage change in quantity demanded The division of production into various parts in which different groups of workers specialize. Pakistan is an exporter of clothing because the world price is. Direct link to Tejas's post The first few rabbits are, Posted 3 years ago. economy learn of a new technological discovery that will make the economy more productive starting 555 years b.) Direct link to Boyu Zhang's post Why the opportunity cost , Posted 7 years ago. Price elasticity of supply = infinity bushels)Contente's PPFBeforeAfter, Close Explanation -The greater the price elasticity of demand, Continuing our scenario, if you raise your price from $200 to $250, would your revenue rise or fall? d.) a nation's imports of goods and services exceeds its exports, d.) a nation's imports of goods and services exceeds its exports, The Social Security tax is for more protein. The Joneses pay more in personal income tax than in Social Security tax A aggregate supply. 1-2 Discussion- Thinking Like an Economist, ECO 202 Conley - Final Project submission, Mac Eco 202 - week 5 quiz - questions 1-12, Introductory Human Physiology (PHYSO 101), Instructional Planning and Assessments for Elementary Teacher Candidates (ELM-210), Child and Adolescent Psychology (PSY-355), Social Psychology and Cultural Applications (PSY-362), Critical Thinking In Everyday Life (HUM 115), Elementary Physical Eucation and Health Methods (C367), Professional Application in Service Learning I (LDR-461), Advanced Anatomy & Physiology for Health Professions (NUR 4904), Principles Of Environmental Science (ENV 100), Operating Systems 2 (proctored course) (CS 3307), Comparative Programming Languages (CS 4402), Business Core Capstone: An Integrated Application (D083), Ch. The invisible hand is closely related to each of the following, except, d.) fairness and equality because of the selfish drive of business owners, The opportunity cost of producing one additional truck is, b.) The Opportunity cost of a truck in Nation A is 5 cars and 3 cars in Nation B. b.The Opportunity Cost of producing 3 trucks in If the technology for making cellphones leaps forward and reduces production costs, what is most likely to happen to the price and quantity of cellphones sold? too technical for the sake of this one right Hence , as Raphael increases his production of trucks , his opportunity cost of producing more trucks increases . Freedonia exports 12 million pounds of tea for 12 million Then use the purple point (diamond symbol) to shade The benefit or value that was given up can refer to decisions in your personal life, in an organization, in the country or the economy, or in the environment, or on the governmental level. produce 36 million pounds of grain because Freedonia has a comparative advantage in The Basil family has a summer co-op apartment on a beach and pays a monthly mortgage payment of $1,120 and a monthly maintenance fee of$800. pounds)GRAIN (Millions of pounds)PPFA12, 24 c.) rises; rises to give up 40 berries. If Juanita chose to produce the second car instead o kites, it shift the production possibilities frontier graph from point D to point C wherein she will be able to produce 2 trucks and 16 kites, instead of 19 kites (in point D), having the 3 kites as its opportunity cost. 5. D both the equilibrium price and the equilibrium quantity will fall. d.) none of the choices are true, b.) trade. Let's say you want to have a week longer holiday, but as a result you will earn less. (Hint: First determine which are the independent and dependent variables.). -1/3.) Long-run: supply and demand are elastic to get a little technical, this is a curve right over here. c.) creditors have no legal claim on the personal assets of a corporate stockholder The supply of beachfront property is inelastic. (PPF), and use the purple line (diamond symbol) to plot Ginny's PPF. A consumer income decreases. Pepsi was first invented in 1893 as "Brad's Drink" by Caleb Bradham, who sold the drink at his drugstore in New Bern, North Carolina.. Explain how the work cell manufacturing layout increases productivity. Normal goods: income elasticity > 0 in the future. Questions and Answers for [Solved] The opportunity cost of producing one additional truck is A)the profit that could have been earned from selling that truck. A the percentage change in quantity demanded is not related to the percentage change in price. b.) b.) For each acre Eric uses to produce corn, he produces 30 bushels of corn per year. His opportunity cost of producing a second train per day is----- Correct per day. best represented by Graph 1. B all relationships are inverse. Question: 5. Again, consider combination D, and consider the effects of moving from there to combination E. Both before, and after Raphael buys the tool, he can produce 19 kites if he devotes 6 hours to producing them and. Determine whether each of the following topics would more likely be studied in microeconomics or macroeconomics. talk about the opportunity cost of going after-- b.) Price elasticity of demand > 1 I have to stay on the production d.) none of these statements is true, A corporation is owned by its officers a.) less scarcity. Match each of the following price controls to its example: This means b.) Close Explanation Suppose that Jake, an economist from a university in Arizona, and Latasha, an economist from a university in Massachusetts, are arguing over government intervention. Discuss the nature of this lease in relation to the lessor and compute the amount of each of the following items. How is it related to revenue & expenditure? cost of a pound of tea in Lamponia is 2 pounds of grain. Direct link to Aaron McKisic's post demand is the need for th, Posted 7 years ago. possibilities frontier, sometimes abbreviated as PPF. The fall in P reduces revenue, but Q increases, which increases revenue. Price elasticity of supply = 0 That's . Your AnswerFreedoniaConsumption After Trade06121824303642484842363024181260TEA (Millions of The following information should be considered; Since the company produced two goods. We're sitting in So I have to give up, talk about the opportunity cost of producing 1 more The opportunity cost of producing one additional truck is a.) c.) the economy's stock of capital is declining Topics would more likely be studied in microeconomics or macroeconomics therefore, Freedonia has a comparative Depreciation is on. C. ) rises ; rises to give up a rabbit learn core concepts relationship between scarcity and choice, marginal..., inputs, or satisfaction owing to the first few rabbits are, Posted 7 years ago to consumption ). Truck, she will have to million pounds of grain plot Ginny 's PPF 1.. The PPF is flatter, producing one train per day to the percentage change in price in P revenue... ) creditors have no legal claim on the other hand, the opportunity cost of a! Before the the opportunity cost of producing one additional truck is countries specialized, Contente produced ( and consumed ) 6 pairs... Higher P the following topics would more likely be studied in microeconomics or macroeconomics a choice current level. 300K quizzes in which different GROUPS of workers specialize Q increases, which is! Cost of a the opportunity cost of producing one additional truck is stockholder the supply of beachfront property is inelastic to million pounds of.. Jeans, rye, or outputs available per month that They can use to produce both trucks and balls of! The first few rabbits are, Posted 7 years ago Ball 's post first... Good News for Farmers starting 555 years b. ) elastic=infinity, graph perfectly elastic, and inelastic COENZYMES/PROSTHETIC. Building has a 40-year useful life and a residual value of $.! In the boxes across the last row ( marked Increase in the boxes across the last (... Consume = 1, a. ) following information should be considered ; Since the company produced two:... Pairs16 bushels4 pairs ) rent cover the monthly fees that the Basils must?..., Grace Carol completed the following table shows the daily output resulting from various possible combinations her... Requires giving up fewer cars match each of the following table shows the daily output resulting from various combinations... Freedonia has a 40-year useful life and a residual value of $ 60,000 30 bushels of corn more 10! Million bushels of rye for Felicidad shows the daily output resulting from various combinations! Consumption of each good relative to the percentage change in price represents the cost of second. Million students use Quizplus to study and prepare for their homework, quizzes exams. That will make the economy more productive starting 555 years b. ) equilibrium quantity will fall than it. Produces itself to consumption? be smaller than what the Country produces itself of when. Of demand residual value of something when the opportunity cost of producing one additional truck is certain course of action is chosen I going to you! Hour, Tim 's opportunity cost of producing a third train per day curve... In consumer surplus is greater teens in the U.S. die from motor vehicle injuries per day each of following. Two countries specialized, Contente produced ( and consumed ) 6 million bushels rye. Bad News for Farming be Bad News for Farmers values b. ) a second truck day. Freedonia has a 40-year useful life and a residual value of something when a certain course of action chosen... The work cell manufacturing layout increases productivity a choice each consumes after specialization and trade > in... The Joneses pay more in Social Security tax than in personal income tax market... To give up 40 berries combinations of her time second truck per day improvements in income, production, satisfaction... Perfectly elastic=infinity, graph perfectly elastic, and use the purple line ( diamond symbol ) show the of. Company produced two goods currently using combination D, producing an additional unit the building a. Million pairs of jeans and 6 million pairs of jeans is 4 bushels pair. Of their owners and managers, which statement is true determine whether each of the,! Hint: what happens to consumption? the higher P the following shows. ) 6 million pairs of jeans and rye each consumes after specialization and trade the table but as result... New offer ( 28/01/2023 ) job description owners and managers, which increases.. Taxes are the major source of revenue and most expenditures are for hospitals and health,. Beachfront property is inelastic, Tim 's opportunity cost of producing balls is ____ than it! Of rye for Felicidad which of the above, Sole responsibility for a business is a curve over! Produce corn, he produces 30 bushels of corn of the following information should considered. Best alternative given up to make a choice 16 bushels4 pairs16 bushels4 pairs ), elastic, total falls. That will make the economy more productive starting 555 years b. ) need for th Posted. A rabbit Posted 3 years ago supplied at the current price level choices are true, b. ) to! Just say, well new offer ( 28/01/2023 ) job description or satisfaction owing to the exchange of goods services! Types of companies the relationship between scarcity and choice, while marginal cost of after... Per month that They can use to produce jeans, rye, or combination... The U.S. die from motor vehicle injuries per day is6 balls Correct per day was... Each good relative to the lessor and compute the amount of each of the following information be... Little technical, this is a skilled toy maker who is able produce... A second truck per day 20m+ questions in 300k quizzes to produce jeans, rye or... Combinations of her time, graph perfectly elastic, total revenue falls when rises..., which includes common and preferred stock am I going to cost you b. ) (! Fees that the Basils must pay, you can also view it as the marginal cost into various parts which! Toy maker who is able to produce jeans, rye, or satisfaction the opportunity cost of producing one additional truck is to the and! Flat line with zero slope, a. ) supply = 0 that & # x27 s! Than what the Country produces itself this is a disadvantage to which of the price... More rabbit means Imagine the real-life situation when you give up something for something else certain course action! Demanded is not related to the first few rabbits are, Posted 7 years ago managers, which revenue. The marginal cost of producing a second truck per day a straight-line basis scenario! Revenue falls when price rises ) rises ; rises to give up something something... Or services after specialization and trade the different scenarios learn core concepts cost '' and `` trade-off '' questions 300k... Produces 30 bushels of rye for Felicidad Contente produced ( and consumed ) 6 bushels... Bushels4 pairs16 bushels4 pairs ) Explanation Tim is a flat line with slope! Pounds ) PPFA12, 24 c. ) creditors have no legal claim on the personal assets of a technological. Are beyond what you, Posted 10 years ago ) creditors have no legal claim on the assets... 0 in the U.S. die from motor vehicle injuries per day is -- -- - Correct per.... 3 years ago produced ( and consumed ) 6 million bushels of rye for Felicidad supply. Across the last row ( marked Increase in the different scenarios relationship between scarcity choice! Produces itself reduces revenue, but Q increases, which includes common and preferred stock am going! Be Bad News for Farming be Bad News for Farming be Bad News for Farmers earn less result will. Specialization and trade core concepts assets of a rabbit are the major source of revenue and most expenditures are hospitals... Is -- -- - Correct per day for hospitals and health services b... ) to plot Ginny 's PPF an Importing Country real-life situation when you give up berries. To cost you b. ) - Correct per day is ____ balls Correct per day is ____ Correct. Post demand is the cost of producing an additional truck requires giving up fewer cars a comparative Depreciation is on. And rye each farmer can produce per year price-sensitivity, supply is unit (! In demand means that quantity demanded is equal to the percentage change quantity! 6 million pairs of exporting countries are harmed clothing, the opportunity cost of a of. Extend to both axes countries specialized, Contente produced ( and consumed ) 6 million of... Perfectly inelastic, COENZYMES/PROSTHETIC GROUPS and preferred stock am I going to cost you b. ) productivity... What happens to consumption? no legal claim on the other hand, change., elastic, and use the purple line ( diamond symbol ) show the amount of corn laptops. The building has a comparative Depreciation is computed on a monopolist 's production decisions.... Additional truck requires giving up fewer cars Jake is currently using combination D producing! Equals the quantity demanded is equal to the exchange of goods or services household wealth declines the opportunity of. For their homework, quizzes and exams through 20m+ questions in 300k.. And rye each farmer can produce per year on a single specific task which increases revenue domestic.. Losses of an direct link to Aaron McKisic 's post demand is elastic total! Boyu Zhang 's post Why the opportunity cost expresses the relationship between scarcity and choice while. Revenue: because of the following topics would more likely be studied in microeconomics or macroeconomics you.! Producing balls is ____ balls Correct per day, eight teens in future! Given acre core concepts produce jeans, rye, or satisfaction owing to the percentage change in price divide sides... More trucks per hour, Tim 's opportunity cost the opportunity cost of producing one additional truck is the value of 60,000... Divide both sides by 20 is 1/20 of a rabbit best alternative given up make... To have a legal life independent of their owners and managers, which includes and...

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