Application of Opportunity Costs Donald G. Fox Sr. ECON220-1103A-24 Unit 1 IP AIU Online Michelle and James both‚ produce potatoes and chickens. Michelle can produce 200 potatoes and 50 chickens per year‚ and James can produce 80 potatoes and 40 chickens per year. What is Michelle ’s opportunity cost of producing potatoes? If opportunity costs‚ is opportunity lost‚ then Michelle devoting 100% of her time to produce 200 potatoes her cost would be 100% loss of 50 chickens. What is Michelle
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Introduction Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word "cost‚" we usually mean opportunity cost. The word "cost" is commonly used in daily speech or in the news. For example‚ "cost" may refer to many possible ways of evaluating the costs of buying something or using a service. Friends or newscasters often say "It cost me $150 to buy the iPhone I wanted." Definitions and Basics Opportunity Cost‚ from the
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The Cost of Something Mankiw’s Ten Principles of Economics Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $150 to see a concert. You can either see "Hot Stuff" or you can see "Good Times Band." Assume that you value Hot Stuff’s concert at $225 and Good Times’ concert at $150. Both concerts cost $150 per ticket‚ but it would take you a couple of hours to drive to Hot Stuff’s concert and you have to be in school (the next) morning for an exam. Good
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Opportunity is the key to success First of all I feel very happy that we both sides have grasped the opportunity to realize our same goal. That is to win! That is to succeed! We believe opportunity is the key to success. Let me give a definition to words “opportunity” and “key” here. Opportunity here only refers to one that we disover‚ seize and take advantage of. Key is a way to solve a problem. Every lock has a key. Success is a lock that requires several keys to work together. Only
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Unit 2 Test International Trade in the Modern World Part A: True and False (15 Marks) / 15 Answer the following questions with true (T) or false (F). Correct the false statements T T 1.___ T T Positive effects of globalization include: improved human rights‚ increased productivity‚ and innovation. 2.___ F F Trade agreements are beneficial because they eliminate trade barriers and encourage foreign investment. 3.___ The North American Free Trade Agreement (NAFTA)
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MTV has been putting seven strangers into a mansion for years‚ but none of the previous episodes have been so intoxicated and as sexually driven as "The Real World---Key West". There is John‚ the typical frat boy‚ Svetlana‚ the sexy Russian princess‚ Paula‚ the confused and neurotic barbie doll‚ Zach‚ your typical nice guy‚ Janelle‚ know it all snob‚ and Jose‚ the guy with the biggest heart‚ and Tyler‚ the lone homosexual in the house. By putting young gorgeous people in one house‚ every roommate
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International Trade Simulation Gina Caraiman University of Phoenix ECO 360 Kimberly Swaney March 5‚ 2007 International Trade Simulation Introduction This simulation will provide reasons for international trade and help me determine which countries to trade with‚ what products to import or export. Also‚ help with determining when to impose trade restrictions like: tariffs and quotas‚ and when to negotiate trade agreements. Overall‚ the story in this simulation has cast me in the role of
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summarize the International Trade Simulation‚ explain the basic concept of International Trade‚ emphasize the four key points from the reading assignments in the simulation‚ and apply these concepts to my workplace. Simulation Summary In the International Trade simulation‚ you are the Trade Representative of a small country called Rodamia. You are introduced to international trade--the theory of comparative advantage and the impact of tariffs‚ quotas‚ and dumping on international trade (Applying International
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Globalization and International Trade “Globalization” refers to the growing interdependence of countries resulting from the increasing integration of trade‚ finance‚ people‚ and ideas in one global marketplace. International trade and cross-border investment flows are the main elements of this integration. Globalization started after World War II but has accelerated considerably since the mid-1980s‚ driven by two main factors. One involves technological advances that have lowered the costs of transportation
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ECONOMIC SCENE The Opportunity Cost of Economics Education By ROBERT H. FRANK Published: September 1‚ 2005 SHORTLY after I began teaching‚ more than 30 years ago‚ three friends in different cities independently sent me the same New Yorker cartoon depicting a woman introducing a man to a friend at a party. "Mary‚ I’d like you to meet Marty Thorndecker‚" she began. "He’s an economist‚ but he’s really very nice." Forum: The Economy Cartoons are data. That people find them amusing usually
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