Harry Homeowner pays $300 monthly on a mortgage in a community where identical houses rent for $800 per month. Harry could move back into his parents house and live rent free. What is the opportunity cost to Harry for each month he lives in the house he owns?

Q: Meaning of economic

A: Like the other social sciences, Economics also involves the study of human interactions with each…

Q: Identity 6 characteristics of mixed economy and write extensively on them

A: Mixed Economy A mixed economy is a system in which the government and the private sector work…

Q: A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization…

A: Opportunity cost is also called implicit cost. It is the cost of the incurred due to the foregone…

Q: An electrician quits her current job, which pays $25,000 per year. She can take a job with another…

A: Opportunity cost is the next best alternative foregone to attain some kind of decision. The concept…

Q: Timothy quits his job, which pay $86000 a year, to enrol in a 3-year graduate program .His annual…

A: Opportunity cost is defined as the cost of the next best alternative in production or consumption…

Q: Why does the value of output always equal the income received by resources that produced the output?

A: Output – it the total amount of commodities or services produced in a particular time period. It…

Q: Factors of production

A: The final goods and services served in the market for the consumers. There are some factors that use…

Q: What is the opportunity cost of your MBA education? How does the opportunity cost to you change if…

A: Opportunity cost is the foregone benefit from an alternative selected.

Q: Why social enterprise considered as an alternative platform that can alleviate the plight of the…

A: In an economy, social enterprise refers to the one in which government has the major share and the…

Q: Homesteaders who moved west to settle on free land found that a.the land was lush and fertile for…

A: When talking about the movement of homesteaders to the west, it is the situation during civil war.

Q: What might the impact of a flat world be on your standard of living?

A: When talking about flat world, it refers to the changing scenario of markets of different nations…

Q: Which of the following topics would be studied in a microeconomics course? a. how rent prices impact…

A: Microeconomics: Microeconomics is a part of financial aspects that reviews the conduct of people and…

Q: John is an economist working for Ministry of Tourism in Suva, earning $30,000 per year. There are,…

A: The three problem any individual or an economy faces are: (i) Resources are limited. (ii) Wants are…

Q: Timothy quits his job which pays $65 900 a year to enrol in a 2-year graduate program. His annual…

A: Opportunity cost measures the trade-off between two goods.

Q: The opportunity cost of going to school instead of working is the cost of a) housing. b) potential…

A: In financial matters, the cost analysis incorporates two unique sorts of expenses. The first is the…

Q: Rs.100, 000 to start an ice-cream business. If she uses Rs.40, 000 from her savings and another…

A: The opportunity cost of economic activity is the value of the next best alternate action forgone in…

Q: Describe different market structure in local economy of narowal explain with real life examples

A: Four different types of market structures are perfect competition, monopoly, monopolistic…

Q: Suppose you have a choice of working full-time during the summer or going full-time to summer…

A: Suppose you have a choice of working full-time during the summer or going full-time to summer…

Q: Question 6

A: PPF is the locus of all those points where each point shows a combination of two goods with optimum…

Q: Definition of micro

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Q: ________ is a fundamental aspect of economic system in which individuals, rather than the state,…

A: Economic freedom or liberty is a fundamental aspect of an economic system in which individuals,…

Q: Define the term all men created equal what might Jefferson have meant when he wrote this

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Q: Spending four years in college in order to improve your employment opportunities and obtain a higher…

A: An economy generally produces two types of goods by using the given resources. These goods are…

Q: In factor markets, entrepreneurs

A: Government and central bank control the financial and economic functioning of a particular economy.…

Q: You are choosing between buying a home or continuing to rent. You value the home at $1,000,000 (one…

A: Answer: The buyer values the house at $1,000,0000. So, Willingness to pay = $1,000,000 Cost of house…

Q: Inayah needs Rs.100, 000 to start an ice-cream business. If she uses Rs.40, 000 from her savings and…

A: If she takes the loan of 60,000 and the interest rate is 5%, then she has to pay back is…

Q: What is the opportunity cost of working on the weekends?

A: Opportunity cost is the net best alternative forgone when making a decision between choices.

Q: What are two people's places or events that fit the statement; “The economic changes brought about…

A: Starting around the 1760s, the revolution in industries took place around the USA and also in…

Q: Artists from which period used perspective to give their work greater depth?

A: Option A (Impressionist) is the correct answer. Impressionist period used perspective to give their…

Q: Marcie wants to work as a freelance editor. She purchases a desk, computer, widescreen monitor, and…

A: Resources signifies the services or other assets that are employed to make final goods and services.…

Q: _____ using more capital than labor in the production process?.(fill in the blank)

A: Production process is the process in which inputs are used to make output for consumption.  Capital…

Q: You have one scarce hour to spend between studying for an examination or taking classes in a…

A: Opportunity cost is the benefit that is sacrificed when the next best alternative is not chosen.

Q: normative analysis on the desirability of increasing legal immigration to the United States. How…

A: 1. The talents of migrants, the qualities of current workers, and the features of the host economy…

Q: what type of economy do people work for about to hours then spend the rest of their time drinking…

A: The only kind of economy where working for a few and relaxing for longer hours is possible is a…

Q: What are "in-kind" transfers? What would be an example? What are some criticisms made against…

A: In every country, society is divided into two groups poor and rich . Larger the gap between them…

Q: The various combination of goods that can be produced in any economy when it uses its available…

A: A. Demand curve - It is the curve which shows the relationship between quantity demanded and price…

Q: Why might a writer begin a research project with a research question? What role does it play in…

A: The economics as a study is associated with the use of resources which are scarce in nature in the…

Q: Suppose you start with a point on the Production Possibilities Curve.  Now, unemployment increases…

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Q: Why does the U.S. fall at the bottom of family leave entitlements in developed countries ?What would…

A: In "new economy" non-standard schedule works are very common. Over the past decade, the amount of…

Q: Which are the three means of factors of production? (

A: There are three main factor of production Land  Labour Capital    The first basic factor of…

Q: Why socio-economic factors have a high impact on businesses, whether big or small

A: A business organization is affected by a number of factors in its internal and external environment.