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