1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
VARVARA [1.3K]
3 years ago
7

I am trying to understand the Opportunity cost. Can anyone help me please? I can't seem to get Economics, I really need help. Yo

u work as an assistant coach on the university swim team and earn $15 per hour. One day, you decide to skip the hour-long practice and, instead, go to the county fair, which has an admission fee of $9.
Business
1 answer:
sesenic [268]3 years ago
8 0
<span>Basically "Opportunity cost" is what you're going to lose (or have a potential to lose) if you chose a different action than what you're presented with. In the example, you're working for $15 an hour, but if you decide instead to skip a pratrice to go to the fair you're losing out of the $15 an hour you'll be paid and have to pay $9 to go to the fair. All total, you're opportunity costs for that will be $24 (fifteen you would have made plus the nine dollar fee.) This is also assuming, of course, they don't fire/dock you for just skipping work.</span>
You might be interested in
what is the level of interdependence among departments (finance, marketing) in a business school? what kinds of coordination mec
bearhunter [10]

Following are the three levels of interconnectedness that affect organizational structure:

<h3>What is the Parsons Thompson model?</h3>

The three layers or levels of the Parson and Thompson model describe what occurs in the enterprise and how a process or activity serves a particular goal.

Here is a summary of Thompson's levels of interdependence:

  • In order to create a team where each member contributes to the total, there are three types of interdependence that can be used.

In a business school, the degree of connection between the departments of finance and marketing is:

  • Structure of Reciprocal Interdependence.

There are various coordination techniques that might be applied to manage the interdependence, including:

  • complete cooperation
  • extensive preparation
  • Mutual apprehension

We must demonstrate the many layers of interconnectedness and how they might be applied in diverse systems, such as a business school's finance or marketing department, in order to answer the issue.

To learn more about Thompson model refer to

brainly.com/question/26895062

#SPJ4

5 0
1 year ago
If price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in t
navik [9.2K]

Answer:

produce at an economic loss.

Explanation:

In a perfect competition, there are many buyers and sellers of homogeneous products, and there is free entry and exit in the market.

This simply means that, in a perfectly competitive market, there are many buyers and sellers (price takers) of homogeneous products (standardized products with substitute) and the market is free (practically open) to all individuals or business entities that are willing to trade all their goods and services.

In a perfectly competitive market in long-run equilibrium, a long-run equilibrium avails firms the opportunity to adjust all inputs and all fixed costs are maximized. Also, it's characterized by free entry and exit, as such there isn't a fixed number of firms. This simply means that, since the number of firms in a long-run equilibrium can change, a firm must exit the market as a result of losses i.e when the firm is unable to cover its fixed costs in the long-run while new firms are allowed entry into the market when it anticipates potential profits or gains.

However, the firms always strive to maximize profits by increasing their level of output, such that P = MC. Also, the firms wouldn't be willing to leave or enter into the market because they are not making any profit, such that P=AC.

In a nutshell, in the long run equilibrium P=MR=MC and P=AC.

Hence, if price is greater than average variable cost and less than average total cost at the profit-maximizing quantity of output in the short run, a perfectly competitive firm will produce at an economic loss.

Additionally, Average Total Cost (ATC) can be defined as the overall cost of production divided by total output of production. It is calculated by dividing total cost by total output of production or by adding TVC and TFC.

8 0
3 years ago
Assume that the risk-free rate of interest is 6% and the expected rate of return on the market is 16%. I am buying a firm with a
algol [13]
This wouldn’t by chance have multiple choice options would it?
5 0
3 years ago
The ideas of Adam Smith and Karl Marx 1. ___ used the metaphor of the "invisible hand" to: a. Describe how the individual pursui
melisa1 [442]

Answer: 1. A - Describe how the individual pursuit of self-interest works to promote the interest of the public as a whole

2. A- Both Adam Smith and Karl Marx believed that humans are motivated by self-interest

Explanation:

1. According to Adam Smith who is known as the father of modern economics stated in his thesis that individual's self-interest and freedom of production as well as consumption is in the best interest of the society as a whole.

Each Individual's free exchange creates signals about which goods and services are valuable. These signals will spontaneously direct competing consumers, producers, distributors, and intermediaries—each pursuing their individual plans— to fulfill the needs and desires of others.

Smith’s invisible hand became one of the primary justifications for an economic system of free market capitalism.

2. Pairing that best describes Adam Smith's view of human motivation in a market economy and Karl Marx's view of human motivation in a communist economy: Both Adam Smith and Karl Marx believed that humans are motivated by self-interest as they both believe that the economy is a capitalist economy that all its good and services are in the hands of private individuals.

7 0
3 years ago
The first step in the process of organizing a business is to
Hitman42 [59]

Answer:determine the work that needs to be done

Explanation:

5 0
3 years ago
Other questions:
  • Which of the following is an example of positive technological​ change? Positive technological change occurs when
    14·1 answer
  • Based on the table, which of the following is true?
    9·2 answers
  • To satisfy their economic wants, people ______ goods and services.
    6·1 answer
  • How can pricing range influence pricing strategy
    6·1 answer
  • The ____ rule explains variation in employee conduct through generalizing on the percentage of employees in any given organizati
    10·1 answer
  • The budget is one of the three values of earned value management and is also known as _____. a. actual cost b. indirect cost c.
    9·1 answer
  • Phillip is a real estate investor. He flips homes: He buys undervalued homes and sells them at a higher price later to make a pr
    10·1 answer
  • PLEASE HELP ASAP!
    11·1 answer
  • ranite Slab LLC was recently formed with the following members: Capital/ Name Tax Year-End Profits % Nelson Black December 31 22
    9·1 answer
  • In two to three sentences, glve examples of ways employees can take initiative.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!