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Which of the following best describes the relationship between trade-offs and opportunity costs?
opportunity cost are incurred when trade-offs are made
Discuss the relationship between product and cost curves?
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
What generates the law of increasing opportunity costs?
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
What is the relationship between opportunity cost and marginal cost in decision-making processes?
Opportunity cost is the value of the next best alternative foregone when a decision is made. Marginal cost is the additional cost incurred by producing one more unit of a good or service. In decision-making processes, understanding the relationship between opportunity cost and marginal cost is important because it helps in evaluating trade-offs and making efficient choices. By comparing the marginal cost of an action with the opportunity cost of not taking that action, decision-makers can determine the best course of action to maximize benefits and minimize costs.
What is the relationship between trade and opportunity costs?
The relationship between trade offs and opportunity costs is that they both have to do with economics. A person has to make a choice that would have to sacrifice.
What the relationship between trade off and opportunity cost?
The relationship between trade offs and opportunity costs is that they both have to do with Economics. A person has to make a choice that would have to sacrifice.
What is the relationship between trade off and opportunity cost?
The relationship between trade offs and opportunity costs is that they both have to do with Economics. A person has to make a choice that would have to sacrifice.
Which of the following best describes the relationship between trade-offs and opportunity costs?
opportunity cost are incurred when trade-offs are made
What are the relationship of carrying cost ordering cost and shortage cost?
The relationship between shortage costs and carrying costs are inverse. The relationship between ordering costs and carrying costs depends on how much the company has on hand as compared to how much they must order. And if shortage costs are high, both other types will also be high.
Discuss the relationship between product and cost curves?
The product establishes the cost curve or the relationship between costs and outputs. Costs are influenced by the need and function of a certain product.
When are opportunity costs present?
Every time a choice is made, opportunity costs are assumed.
What generates the law of increasing opportunity costs?
The law of increasing opportunity costs states that the more of a product that is produced the greater is its opportunity cost.
How are standard costs established?
Standard costs are costs established through identifying an objective relationship between specified inputs and expected outputs.
Is opportunity cost define as the real cost or the variable cost?
The opportunity cost is defined as alternative cost - costs measured in output of products and services forgone.It can't be defined as variable cost. In the simple formula p = 2q + 100, we can say that 2 is the variable cost. In other words: it's not fixed like the 100.Opportunity costs are not restricted to financial or monetary costs though. The real costs of output forgone (e.g. when choosing between a number of products like shotguns and bananas), lost time / pleasure, or any other benefit that provides benefit should also be considered opportunity costs. Therefore real costs are part of opportunity costs.
Relationship between fixed cost and variable cost?
There is a huge relationship between fixed cost and variable cost. These two costs are the opposite of each other.
What is the relationship between opportunity cost and marginal cost in decision-making processes?
Opportunity cost is the value of the next best alternative foregone when a decision is made. Marginal cost is the additional cost incurred by producing one more unit of a good or service. In decision-making processes, understanding the relationship between opportunity cost and marginal cost is important because it helps in evaluating trade-offs and making efficient choices. By comparing the marginal cost of an action with the opportunity cost of not taking that action, decision-makers can determine the best course of action to maximize benefits and minimize costs.
