opportunity cost
- Explain why opportunity cost is the best forgone alternative and provide examples of some opportunity costs that you have faced today.
The term opportunity cost is the value of next best alternative available. This is the most preferred and desirable alternative number two to the chosen good or service. For instance, suppose one takes time traveling, one cannot spend the same time visiting friends or doing another thing. Suppose the best alternative to traveling is visiting friends, then the opportunity cost in visiting friends is the time and money spent and other things the person would have enjoyed or obtained in visiting friends.
- Explain what it means to choose at the margin and illustrate with three choices at the margin that you have made today.
The word margin means the additional resource. Among the examples include choosing whether eating one unit of chocolate.
Examples of choose of the margin
- Eating extra unit of chocolate
- Traveling or practicing one more hour
- Watching TV for extra hour.
- Apple Computer Inc. decides to make iTunes freely available in unlimited quantities.
- How does Apple’s decision change the opportunity cost of a download?
The opportunity cost is lowered for iTunes. Opportunity cost is the cost forgone in choosing a good in alternative to another. When Apple avails free iTunes, customers will tend to go for them and download them free than buy the same tunes elsewhere. This means that more people will go for iTunes than alternatives.
- Does Apple’s decision change the incentive that people face?
Availing free download will increase the incentives people have for iTunes. The free will encourages people to download them.
- Is Apple’s decision an example of a microeconomic or a macroeconomic issue?
Apple’s decision is microeconomic issues. This is because it affects only individuals who have taste for iTunes. It does into affect the entire music industry.
- Why does the PPFbow outward and what does that imply about the relationship between opportunity cost and the quantity produced?
Production possibility frontier (PPT) is the boundary that exists between combinations of services or goods that are purchasable and those that are not purchasable. To explain PPT further, we analyze two different goods taking quantities of other goods constant. This means all other factors are kept constant (ceteris paribus) with exception of the goods or services under consideration.
The following figure shows PPT of cola and pizza.
Any point on the curve for instance D and any point inside the curve for example Z can be achieved. Any point outside the curve cannot be achieved.
Use the following information to answer questions 5 to 7.
Brazil produces ethanol from sugar, and the land used to grow sugar can be used to grow food crops. Suppose that Brazil’s production possibilities for ethanol and food crops are as in the table.
| Ethanol (barrels per day) |
Food crops (tons per day) |
|
| 70 | and | 0 |
| 64 | and | 1 |
| 54 | and | 2 |
| 40 | and | 3 |
| 22 | and | 4 |
| 0 | and | 5 |
- Draw a graph of Brazil’s PPFand explain how your graph illustrates scarcity.
From the graph the sections inside the line is achievable while points outside the graph are not achievable.
- If Brazil produces 40 barrels of ethanol a day, how much food must it produce to achieve production efficiency?
Suppose it achieves 40barrels per day, three tons must be produced per day.
- Why does Brazil face a tradeoff on its PPF?
Tradeoff is a condition which entails loosing a good to again another good. Normally, when one product decreases, the other increases.
- a. If Brazil increases its production of ethanol from 40 barrels per day to 54 barrels per day, what is the opportunity cost of the additional ethanol?
Suppose Brazil increases from 40 barrels to 54 barrels, the opportunity cost would be 54-40 coming to 14 barrels lost or forgone.
- If Brazil increases its production of food crops from 2 tons per day to 3 tons per day, what is the opportunity cost of the additional food?
Suppose Brazil increases its production of food crops from 2 tones to 3 tons daily, the opportunity cost would be 1 ton per day.
- What is the relationship between your answers to parts (a) and (b)?
The opportunity forgone is the difference between the obtained ad the lost.
- Does Brazil face an increasing opportunity cost of ethanol? What feature of Brazil’s PPF illustrates increasing opportunity cost?
Brazil faces a decreasing opportunity cost of ethanol. Ethanol reduces as demand for barrels increase and vice versa.
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
