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
Mice21 [21]
3 years ago
8

Suppose, as your birthday gift, your best friend give you a 4-day general admission ticket for Bonnaroo 2018 with a market value

of $554.50. What is your opportunity cost of going to Bonnaroo this year using the free ticket?
Business
1 answer:
Flauer [41]3 years ago
4 0

Answer:

Cost of 4 days time: In terms of earnings sacrifised from those working days, or any qualitative value of that time.

Explanation:

Opportunity Cost is the cost of next best alternative sacrifised while choosing an alternative.

It might be material, immaterial .

  • Eg1: Working at Job1 with salary 10000, having other job option with salary 8000. Opportunity cost of Job1 is Job2 salary.
  • Eg2: Me preferring Chapati over rice, opportunity cost of consuming Chapati is rice' satisfaction.

Eg 1 has material (monetary) opportunity cost i.e salary. Eg 2 has immaterial opportunity cost i.e satisfaction.

Admission ticket for Bonnarro would have had opportunity cost = its price i.e $554.50 as the amount sacrifised to get that. However: as given the ticket is gifted free ; the opportunity cost of that is 4 days time sacrifised to attend it. The value of that sacrifised time may be in form of :- earnings lost from those 4 working days sacrifised (material) ; or 4 days time to be spent with family sacrifised (immaterial).

You might be interested in
Exhibit 9-4 Refer to Exhibit 9-4. Assume the economy is self-regulating and currently is in long-run equilibrium with the price
natali 33 [55]

Answer:

<h3>P3 and Q3 </h3>

The intersection of AD curve and the long-run aggregate supply curve determines the equilibrium real GDP and price level in the long run.This happens at P3 and Q3.

Explanation:

Exhibit 9-4 Refer to Exhibit 9-4.

Assume the economy is self-regulating and currently is in long-run equilibrium with the price level equal to P5.

If something happens that shifts the AD curve to the AD1 position, the economy will eventually settle down at a long-run equilibrium point of __________. Question 6 options: P5, Q3. P4, Q4. P3, Q3. P3, Q5. P4, Q2.

<h3>P3 and Q3 </h3>

The intersection of AD curve and the long-run aggregate supply curve determines the equilibrium real GDP and price level in the long run.This happens at P3 and Q3.

6 0
2 years ago
Characteristics of level production include. Select one or more:
Anna007 [38]

Answer:

Characteristics of level production include:

a. All of these answers are correct.

Explanation:

Production leveling was originated in Japan, and it is called production smoothing too, its strategic plan modifies inventory stock to keep a balanced production level for an specific period, to leveling by volume, or by product. This approach requires careful management of the orders so they can be predicted reasonably and accurately in terms of facility restraints, or to reduce the valueless added section of the production time, and to remove the waste of items in a row, to adapt getting throughput rates.

8 0
3 years ago
Planet Resource Inc. is a global internet company that offers country-specific variations of its sites, keeping in mind the ling
ddd [48]

Answer:

D) reduce its cultural distance from the other countries.

3 0
2 years ago
Assume the union freeman works with pays newer employees less than ones who have been with the organization for a longer time. w
Monica [59]

Assume the union freeman works with pays newer employees less than ones who have been with the organization for a longer time. The basis for this is: two tier contract.

<h3>What is two tier contract?</h3>

Two tier contract can be defined as the way in which employee who work in an organization does not earn the same wages as some employee earn higher wages that others while some earn lesser wages.

Hence, if  newer employees earn lesser  than those who have been with the organization for a longer time. The basis for this is called  two tier contract.

Learn more about Two tier contract here:brainly.com/question/984979

#SPJ1

4 0
2 years ago
If you needed financial advice, whom would you ask? Why?
kap26 [50]

Answer: financial advisors

Explanation: A financial advisor can help you create a long-term investing strategy, weigh the pros and cons of different account types, pick mutual funds, rebalance your investing portfolio, and set savings benchmarks to help you reach your long-term goals.

Hope this helped

6 0
3 years ago
Other questions:
  • To determine the quantity of any activity that will maximize total net benefit, economists employ the ________ rule.
    11·1 answer
  • Cullumber Company had these transactions during the current period:
    8·1 answer
  • How is the relationship between unitss in the money system in the u.s. similar to the metric system
    5·1 answer
  • As an IT consultant, you should learn as much as you can about the client’s business, including the impact of the Internet on th
    5·1 answer
  • What is a turnkey operation? Group of answer choices A) the buying of another company B) a contract for a large construction pro
    5·1 answer
  • Lee company is a perfectly competitive firm. the market price of its output is $10. the firm is currently producing 100 units of
    6·2 answers
  • 6. Identify a change in technology during each of the time periods in history below that you believe improved the
    6·1 answer
  • When the cross elasticity of demand between one product and all other products is low, one is generally referring to a(n) ____ s
    15·1 answer
  • " The capable manpower is the key factor of any vocation ". Justify this statament with suitable examples .
    10·1 answer
  • SOMEONE PLS HELP ME!!
    6·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!