I had that same question look on my profile
Answer:
Any value given up from not choosing the other options is the <u>opportunity cost</u>
Explanation:
The cost of opportunity is the alternative that you sacrifice when you choose an option.
It represent the benefits that you misses out on when choosing one alternative over another.
In this case, the cost of opportunity is to plant crops.
Answer:
$80,000
Explanation:
Missing word <em>"and has average variable costs of $100"</em>
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Note: AVC = Average variable cost, TVC = total variable cost
AVC = TVC / Output
$100 = TVC/800 units
TVC = $100*800 units
TVC = $80,000
So, the firm's total variable costs are $80,000.
Answer:
$4,000
Explanation:
The computation of the GDP i.e gross domestic product is shown below:
= Number of smartphones × price per smartphone + number of Blu-ray players + price of Blu-ray players
= 20 smartphones × $100 + 10 Blu-ray players × $200
= $2,000 + $2,000
= $4,000
We considered all the information that is mentioned in the question
Answer:
The corresponding price elasticity of demand is -2.00.
Explanation:
The price elasticity of demand is obtained by differentiating the demand equation with respect to the average annual tuition fees (p).
The demand equation is q = 9,900 - 2p
Differentiating q with respect to p
dq/dp = -2 (differentiation of a constant is 0)
Therefore, the price elasticity of demand is -2.00.