Quick Answer: When Computing The Opportunity Cost Of Attending A Basketball Game You Should Include?

When calculating the cost of attending a basketball game you should include?

When computing the opportunity cost of attending a basketball game, you should include the price you pay for the ticket and the value of your time.  Melody decides to spend three houses working overtime rather than going to the par with her friends. She earns $20 per hour for overtime work.

When computing the opportunity cost of attending a concert you should include?

Question: When Computing The Opportunity Cost Of Attending A Concert You Should Include The Price You Pay For The Ticket And The Value Of Your Time.

What should be included in determining the opportunity cost of an action?

Opportunity cost includes the implicit and explicit cost of an action. As such, this cost should have no impact on future decision making.

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How do you calculate opportunity cost?

The formula for calculating an opportunity cost is simply the difference between the expected returns of each option.

Which types of models are built with assumptions?

Economic models are built with assumptions. Economic models are often composed of equations and diagrams.

What is the opportunity cost to footville of increasing the production of shoes from 400 to 600?

The opportunity cost increasing production of shoes from 400 to 600 = 700 – 400 = 300 socks.

Which of the following is correct concerning opportunity cost?

The correct answer to the given question is option a) Except to the extent that you pay more for them, opportunity costs should not include the cost of things you would have purchased anyway.

When a society gets the most it can from its scarce resource?

Efficiency means that society is getting the maximum benefits from its scarce resources. Equality means that those benefits are distributed uniformly among society’s members.

What must be given up to obtain an item is called?

Opportunity cost. Whatever must be given up to obtain an item.

What is the opportunity cost in this scenario?

Answer Expert Verified. The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen.

Which situation is the best example of opportunity cost?

It is the important concept in economics and also the relationship which is between choice and scarcity. A good example of opportunity cost is you can spend money and time on other things but you can not spend time reading books or the money in doing something which can help.

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What is an example of opportunity cost in your life?

A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment).

What is opportunity cost give example?

When economists refer to the “ opportunity cost ” of a resource, they mean the value of the next-highest-valued alternative use of that resource. If, for example, you spend time and money going to a movie, you cannot spend that time at home reading a book, and you can’t spend the money on something else.

Why is opportunity cost a ratio?

Opportunity cost can be expressed first as a marginal unit change, and then as a ratio. The change is a result of the increasing opportunity costs associated with shifting resources from one industry—meat—to the other—vegetables. Such reallocations of expertise in the factors of production are costly for any economy.

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