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What is the opportunity cost of producing 5 million computers?
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How is a comparative advantage obtained?
by producing a product with a lower opportunity cost
When does Country A have a comparative advantage over Country B in the production of televisions?
Country A has a lower opportunity cost for producing televisions.
Give example of opportunity cost?
I studied this in economics this year opportunity cost is the sacrifice of not choosing the second best option so if you wanted to buy a flat and you found a pleasant one or a fancy apartment and you chose the apartment the flat would be your opportunity cost
What would the opportunity cost on making 15 million pairs of shoes against growing 21 million tons of watermelons?
Leaving aside externalities and so on, the opportunity cost would be the profit on 21 million tons of watermelons less the profit on 15 million pairs of shoes.
Why does country a have a comparative advantage over country b in the production of televisions?
Country A has a lower opportunity cost for producing televisions
Law of decreasing opportunity cost?
The law of decreasing opportunity cost states that as a producer shifts resources from one good to another, the opportunity cost of producing additional units of the second good will decrease. This is because resources are not equally productive in all activities, leading to diminishing returns as more resources are allocated to a single activity.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
How many computers can you buy with a million dollars?
The number of computers you can buy with a million dollars would depend on the type and cost of the computers you are interested in purchasing. If we assume an average cost of $1000 per computer, you could buy around 1000 computers with a million dollars. However, prices vary, so it is best to check the current prices of the specific computers you have in mind.
How can you find the opportunity cost of a country k produces five hundred military guns and thirty television set?
The opportunity cost is the labor and resources that go into producing 500 guns and 30 tv sets that could have been used elsewhere. The "elsewhere" is the opportunity cost. For example, if you make $10/hr working and you decide to sit home watching tv for 2 hours instead of working, your opportunity cost is $20.
Is opportunity cost is the same as marginal cost?
No, opportunity cost is not the same as marginal cost, since opportunity cost represent the expected utility loss from the highest-valued alternative given-up for an action. In this case, that not only includes marginal costs, but also fixed costs and marginal benefits foregone.Marginal cost is the cost of producing an additional widget when you're already producing several of them. This must cover direct costs such as wages and direct overheads, but can ignore return on capital and other fixed costs.Opportunity cost is the hypothetical loss that we would incur should we not proceed with a particular investment.We could buy a painting in the expectation that it would rise in value. That is the value of that opportunity. If we instead to invest in widgets, the returns from them are real.In either case, we can only buy one of the items, and the hypothetical loss from forgoing the other item is the opportunity cost of the course we chose.
Is Marginal cost the same as opportunity cost?
No. Marginal cost is the added cost of producing one more of something. This type of cost is real and concrete; it actually has monetary value. Opportunity cost is more theoretical. It measures the amount of money / products that could have been made in places other than the job you are currently in. This is very similar to implicit costs.
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
