Economic Principles (ECO10004) Uploaded by. (l) ABC's opportunity cost of producing a unit of cars is 0.8 units of planes. Practice question with answers. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. 3. The opportunity cost of choice 1(attending college) = cost of choice 1 + loss of profits of choice 2 cost of choice 1 for 1 year= $10,000 loss of profits of choice 2 = $30,000 +($200 a month saved on rent x 12 months) = $30,000+$2400=32400 Opportunity cost is one of the key concepts in the study of economics Economics CFI's Economics Articles are designed as self-study guides to learn economics at your own pace. C. opportunity costs are zero when the production of bread increases. Page 14, Ex. Dayne Lee. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. Answer: $13,311.74 c) What is the opportunity cost of one bunch of kale? Start studying Opportunity Cost Practice Quiz. 1 car = 8 days = 0.8 planes (2) XYZ's opportunity cost of producing a unit of cars is 1.25 units of planes. Answer: Fly to Colorado for a quick sky trip. a) If Alison is currently growing 80 bunches of kale per period, how many radish bunches is she growing? The person with the lower opportunity cost should perform the chore. D. all goods are free. What is the Opportunity Cost of a Decision? Course. Base your answer only on the information above and on comparative-advantage considerations. Use the graph below to answer the following questions. Unemployment is not so important a problem as inflation. Visual 2: Discussion Questions: Choosing a Snack Solution: 15,000 / (1 + 0.12/12) 1*12. 4 in the book (Chapter 1). E. both c and d are correct. b) What is the opportunity cost of one bunch of radishes? Use the information on college costs shown below to calculate the average opportunity cost of a year in college for a student at a four-year public institution. 4 different types of candy, gum, or crackers, cookies, snacks etc. Refering to the table in problem #8, if each country produced according to its comparative advantage, [*Note that this is pounds per hour so the table does NOT contain the calculated opportunity costs] then the Costa Rica would produce: a) Both apples and oranges b) Only apples c) Only oranges d) Neither apples or oranges Assume that the average total income of an 18-24 year old high school graduate who worked full-time is $24,000. The marginal cost of the fourth … If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. Opportunity cost EXERCISE 1. Andy and Hannah and the time it takes each of them to clean an office and clean a jail cell: 15 min 30 min Cleaning jail cells 20 min 60 min 2. A firm producing cans buys three tons of aluminum per day at $200 per ton. Practice Questions 2 - Opportunity Cost and Trade. Assume that resources are fully utilized. 1 car = 15 days = 1.25 planes (3) ABC's opportunity cost of producing … 2017/2018 All of the following are examples of opportunity cost except: ... B. (A) opportunity cost (B) utility (C) marginal cost (D) scarcity 28. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Practice Problems 1. Swinburne University of Technology. Materials. Mike - wash dishes ... comparative advantage. What is the present value of an offer of $15,000 one year from now if the opportunity cost of capital (discount rate) is 12% per year nominal annual rate compounded monthly? University. EXERCISE 2. Academic year. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. Practice with Opportunity Cost Analysis. 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