gonzalez113bi
Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Connect with professionals ready to provide precise answers to your questions on our comprehensive Q&A platform. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.

Explain opportunity cost using the following examples. Make up whatever details
seem appropriate.
a. Ned buys new guitar that cost $800.
b. Cersei is living on a fixed income and chooses to buy less food one week in order
to pay for her prescription medications.
c. Daenerys wants to sign up for the MW 9:35am ACC 203 Cost Accounting section
at LCCC but unfortunately it is scheduled at the same time that Professor Plaksa’s
Macroeconomics course is being offered. Daenerys enrolls in Cost Accounting.

Sagot :

The opportunity costs are:

a. The sneakers that Ned could have bought with the $800.

b. The food that Cersei does not buy.

c. Professor Plaksa’s Macroeconomics course

What is opportunity cost?

Opportunity cost of the next best option forgone when one alternative is chosen over other alternatives. Opportunity cost is also known as  implicit cost. Opportunity cost arises because humans wants are without limits and the resources (e.g. time, money) needed to meet the needs are available in limited quantities.

When Deanery chooses the cost accounting class, she would not be able to attend the macroeconomics class also. Thus, Deanery is forgoing the macroeconomics class. This is her opportunity cost.

Cersei is sacrificing more food for prescription medication. The food he could have consumed represents the opportunity cost.

To learn more about opportunity cost, please check: https://brainly.com/question/26315727

#SPJ1

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Your questions are important to us at Westonci.ca. Visit again for expert answers and reliable information.