Answer:
The opportunity cost of that decision is - $250,000
Explanation:
For computing the opportunity cost, we have to use the formula of opportunity cost which is shown below:
= Return of project which is not chosen - the return of a chosen project
= $750,000 - $1,000,000
= - $250,000
Since in the question, it is given that the chosen project is X so we write the project X amount in the formula and the not chosen project of-course is Y.
Hence, the opportunity cost of that decision is - $250,000
Answer:
Persists because economic wants exceed available productive resources.
Explanation:
According to Lionel Robbins, Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
The problem of scarcity is that our wants are always beyond what we can produce with our resources.
Economics is the solution to this problem of what resources to use, how best to use them, and when to use them.
Because of this scarcity, all people have to make choices. When making choices, we assess the opportunity cost or the alternative forgone.
The opportunity cost of taking action is what we could have got if we had taken an alternative action.
Employers are required to take a deduction for social security taxes.
She could try becoming an author, they write in magazines, newpapers, books, and articles. She could write what she wishes and it's on her own.
