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- Explain what is meant by opportunity cost of choiceDescribe the opportunity cost approach?Suppose that, in starting a new business, you leave your current job at a healthcare company that pays you $5,000 per month (including all benefits). After one year, the start-up starts making a profit of $6,000 per month. How long will it take you to be economically profitable, explain using the concept of opportunity cost in this context.
- How do you define opportunity costQUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise output. Olivia Susan Chopped Food (kg/hr) 15 20 Cooked Food (kg/hr) 20 30 Which of the following statements are true: For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood. For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food. Susan should specialise in chopping. Olivia has an absolute advantage in chopping.How Many Hours at the Barber Shop? The opportunity cost of your time of cutting hair at your barbershop is $20 per hour. Electricity costs $10 per hour, and your weekly rent is $300. You normally stay open nine hours per day. a. What is the marginal cost of staying open for one more hour? $ (Enter your response as an integer.) b. If you expect to give two haircuts in the 10th hour and you charge $18 per haircut, is it sensible to stay open for the extra hour? Yes No
- Define opportunity cost in three (3) words/phrases and explain whyWhat do opportunity costs represent?Refer to the figure below. The opportunity cost of the first 150 km of highway construction is the search and rescue helicopter(s) that must be given up. Write your answer as a number not a word. For example, you would not answer "twenty" if the answer was 20. 3 Search and Rescue Helicopters D E F 150 50 100 200 Kilometres of Highway Reconstruction