Swinburne University of Technology. The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level. 5 Questions Show answers. If he worked, he could make $30,000 annually and would live in a less expensive area where the average monthly rent would be $500. These questions are from Chapter 1 Section 2. b. Let us now do the same Opportunity Cost example in Excel. College tuition and books cost $10,000 annually. The last option is the most attractive, so Cliff should be the first who is assigned to do the posters. Scarcity. Opportunity cost is the value of something when a particular course of action is chosen. In the case of Becci, each poster costs 1200:2 = 600 entries. Practice Questions 2 - Opportunity Cost and Trade. Academic year. 30 seconds . Opportunity Cost Calculation in Excel. The manufacturing opportunity curve shows different combinations of output: consumers like to consume. c. 2017/2018 Question 1 . Productivity. You decide to buy the pants. You decide to play baseball this spring instead of working at a part-time job. Frequently Asked Questions - opportunity cost. answer choices . The opportunity cost is the part-time job. The opportunity cost of the new design of the product will be the increased cost and its inability to compete on price. Dayne Lee. University. If he went to college, he would have to live near the college where the average monthly rent would be $700. In economics, the value of the next best alternative is called _____. Quiz on the PPC, Opportunity Cost, and the Gains from Trade. The opportunity cost of increasing the output of consumer goods from 60m to 90m consumer goods. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. The opportunity cost is the T-shirt. Your score is neither recorded nor transmitted to your instructor. 80 60 50 ... structured question to answer in an examination, it is important to ensure that you can answer all the question parts. It is best to answer the question parts in order as Supply and Demand. What would be Stewart's opportunity cost of attending college? Opportunity Cost is best defined as. Q. If you ask Adam to make posters, the opportunity cost of each poster is 400 entries. Practice question with answers. After you have finished the quiz, click on the Grade my Quiz button at the bottom of the page. This is very simple. Opprotunity Cost. answer choices Opportunity costs are truly everywhere, and they occur with every decision we make, whether it’s big or small. If Cliff switches to making posters, then each poster costs your team 900:3 = 300 entries. Manufacturers would like to produce. Course. This is easy to see while looking at the graph, but opportunity cost can also be calculated simply by dividing the cost of what is given up by what is gained. FAQs - opportunity cost Define the concept of opportunity cost. [3 marks] Definition must include the following: the (next) best alternative foregone/not taken as a result of taking a decision/making a choice. SURVEY . Tags: ... Q. Directions This quiz contains 15 multiple choice questions. The answer … Simply put, the opportunity cost is what you must forgo in order to get something. Student presentations should identify opportunity cost, as per the discussion questions. The cost of opportunity is the worst of the various alternatives to be abandoned when the choice is made in the face of scarcity. Economic Principles (ECO10004) Uploaded by. Also explore over 4 similar quizzes in this category. 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