Why is opportunity cost a ratio?
Question:
Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 52% (17 reviews)
The slope of the PPF is a ratio that expresses the quantity of lost ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Why is the real interest rate the opportunity cost of loanable funds?
-
Multiple Choice Questions: 1. Assume that the opportunity cost of producing a pair of pants in the United States is 2 pounds of rice, while in China, it is 5 pounds of rice. As a result, a. The...
-
Why is normal profit an opportunity cost?
-
Suppose a town concludes that it costs on average $30.00 per household to manage the disposal of the waste generated by households each year. It is debating two strategies for funding this cost: (1)...
-
Refer to the Journal of Consumer Research (Mar. 2003) study on influencing the choices of others by offering undesirable alternatives, presented in Exercise. In another experiment con ducted by the...
-
An experimenter is studying the effects of temperature, pressure, and type of catalyst on yield from a certain chemical reaction. Three different temperatures, four different pressures, and five...
-
A survey found that 17% of U.S. adults say that Google News is a major source of news for them. You randomly select four adults and ask them whether Google News is a major source of news for them....
-
Arkansas Sales Consultants completed the following transactions during the latter part of January: Jan. 22 Performed services for customers on account, $9,000. 30 Received cash on account from...
-
ces Saved Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-process inventory, January...
-
Assume Z has a standard normal distribution. Use Appendix Table II to determine the value for z that solves each of the following: (a) P(-z < Z < z) = 0.95 (b) P(-z < Z < z) = 0.99 (c) P(-z < Z < z)...
-
How does the production possibilities frontier illustrate opportunity cost?
-
Why does the PPF bow outward and what does that imply about the relationship between opportunity cost and the quantity produced?
-
Sophia and Jacob are married and file a joint return. The return for 2013 included a Form 2106 for each of them. The return for 2014, however, included a Form 2106 and a Schedule C. In terms of...
-
(a) Provide a brief introduction of the company. (b) Identify two significant inherent risks and two significant control risks at the financial statement level. Reasonable assumptions may be made....
-
Provide an explanation of the potential cost and time for each assessment (such as the expense of the Hogan Test and the one hour required to complete the exam) as well as the return on investment...
-
If we hadn't met that time, I be here now. (conditional verb form; negativ
-
For exercise, a client walks 15 minutes at a moderate pace, 7 days a week. How will the nurse document this activity?
-
Identify 4 business risks of Integral Diagnostics Limited (IDX) that will increase the risk of material misstatement (specifically inherent risk) at the assertion level for classes of transactions or...
-
Find the function r that satisfies the given condition. r' (t) = (e, sin t, sec t); r(0) = (2,2,2)
-
Borrowing costs should be recognised as an expense and charged to the profit and loss account of the period in which they are incurred : A. If the borrowing costs relate to qualifying asset B. If the...
-
How would the market for labor be affected in India? Draw a supply and demand graph to illustrate your answer. Oil-rich countries in the [Persian] Gulf, already confronted by strong labor protests,...
-
Would the price of gasoline that consumers pay fall by 18 a gallon? How would consumer surplus change? Explain your answers. High fuel prices will probably keep Americans closer to home this summer,...
-
Calculate the price, the marginal cost of rice, and the quantity produced if the government sets a production quota of 2,000 boxes a week. The demand and supply schedules for rice are Quantity...
-
A T-ball baseball player hits a baseball from a tee that is 0.6 m tall. The flight of the ball can be modelled by h(t) = -4.91 +61 +0.6, where h is the height in metres and t is the time in seconds....
-
2. Consider the metal ion complex ferricyanide, [Fe(CN)6], obtained when potassium hexacyanoferrate(III) is dissolved in solution. a) Predict the number and intensity of all its ligand field (d-d)...
-
16) Chris, Bob, and Matt decide to help each other study during the final exams. Chris's favorite subject is chemistry, Bob loves biology, and Matt knows his math. Each studies his own subject as...
Study smarter with the SolutionInn App