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denpristay [2]
3 years ago
11

Here are three things you could do if you do not attend your neighbor's barbecue: watch television with some friends (you value

this at $17), read a good novel (you value this at $14), or go in to work (you could earn $16 during the barbecue). The opportunity cost of going to your neighbor's barbecue is
a. $16, because this is the only alternative of the three where you actually receive a monetary payment.
b. $14, because this is the lowest valued alternative forfeited.
c. $17, because this is the highest valued alternative forfeited.
d. $47, because this is the total dollar sum of the alternatives forfeited.
Business
1 answer:
Colt1911 [192]3 years ago
7 0

Answer: Option (c) is correct.

Explanation:

Given that,

Alternatives for a person if he do not attend his neighbor's barbecue:

(1) Watch television with some friends = he value this at $17

(2) Read a good novel = he value this at $14

(3) Go in to work = he could earn $16 during the barbecue

Opportunity cost is the benefit that is foregone for an individual by choosing one alternative over other alternatives available to him.

If the opportunity cost is lower for an individual then this will benefit him whereas if the opportunity cost is higher then this will not benefit the individuals.

Therefore, the opportunity cost of going to his neighbor's barbecue is the enjoyment he get from watching television with some friends because this is the highest valued alternative forfeited.

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What will be the resulting change in equilibrium of the chocolate bar market
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Equilibrium price will increase and quantity will decrease will be the resulting change in the equilibrium of the chocolate bar market.

The equilibrium charge is the rate at which the amount demanded equals the amount supplied. It's far decided through the intersection of the demand and deliver curves. A surplus exists if the amount of an excellent or carrier provided exceeds the amount demanded on the contemporary charge; it causes downward strain on the charge.

Equilibrium is the nation wherein market supply calls for balance every other, and as a result, costs come to be strong. Typically, an over-supply of goods or services causes expenses to move down, which results in a higher call for—while an underneath-deliver or shortage causes fees to head up resulting in less demand.

Upward shifts inside the supply and demand curves have an effect on the equilibrium rate and amount. If the deliver curve shifts upward, meaning deliver decreases however demand holds constant, the equilibrium rate will increase but the quantity falls.

Learn more about the Equilibrium price here brainly.com/question/26075805

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3 0
1 year ago
Jessica’s credit card is on a 30-day billing cycle, and it computes finance charges using the adjusted balance method. The follo
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The adjusted balance of Jessica for the month of October is $ 1033.76. In this method, monthly payment is deducted from the unlock balance, and purchase is not included in the balance.

<h3>What is the adjusted balance method?</h3>

With the adjusted balance method, the credit card company starts with the balance from the end of the last payment cycle and withdraws any payments made, and adds any credits sent to the account during the current cycle.

In the given information, to calculate the adjusted balance we will deduct the payments made from the beginning balance and ignore the purchases made for the month:

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Hence, The correct answer is Option B.

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7 0
2 years ago
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Option (C) is correct.

Explanation:

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Cash amount loaned = $36,000

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