0
What else can I help you with?
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.
What is the relationship between marginal cost and opportunity cost in decision-making processes?
Marginal cost is the additional cost incurred by producing one more unit of a good or service, while opportunity cost is the value of the next best alternative forgone. In decision-making processes, understanding the relationship between marginal cost and opportunity cost is important because it helps in evaluating whether the benefits of producing one more unit outweigh the costs, including the opportunity cost of not using resources for other purposes. By comparing marginal cost with opportunity cost, decision-makers can make more informed choices that maximize efficiency and resource allocation.
What is the relationship between opportunity cost and the production possibilities frontier (PPF)?
Opportunity cost is the value of the next best alternative foregone when a choice is made. The production possibilities frontier (PPF) shows the maximum possible combinations of goods that can be produced with given resources. The relationship between opportunity cost and the PPF is that as you move along the PPF and produce more of one good, the opportunity cost of producing that good increases because resources are being shifted away from producing other goods.
What is the difference between constant opportunity cost and increasing opportunity cost, and how does this impact decision-making in resource allocation?
Constant opportunity cost refers to a situation where the cost of producing one more unit of a good remains the same. Increasing opportunity cost occurs when the cost of producing one more unit of a good increases as more units are produced. In decision-making for resource allocation, constant opportunity cost allows for easier decision-making as the trade-offs remain consistent. On the other hand, increasing opportunity cost makes decision-making more complex as the trade-offs become more significant with each additional unit produced. This can lead to more careful consideration and evaluation of resource allocation decisions.
How many computers can you buy with a million dollars?
This depends on the quality and cost of the computer, as well as taking into account discounts which come with bulk-buying from wholesalers. I would approximate 85-95 thousand decent computers.
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
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.
Law of decreasing opportunity cost?
Opportunity cost does not decrease, it increases, according to the law of increasing opportunity costs. This law states that the more of a product you produce the less efficient production of it will be and the more opportunity cost they will incur.
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.
