Answer: $13,311.74 C. opportunity costs are zero when the production of bread increases. The opportunity cost of choice 1(attending college) = cost of choice 1 + loss of profits of choice 2 cost of choice 1 for 1 year= $10,000 loss of profits of choice 2 = $30,000 +($200 a month saved on rent x 12 months) = $30,000+$2400=32400 Learn vocabulary, terms, and more with flashcards, games, and other study tools. Practice Problems 1. Materials. Use the graph below to answer the following questions. What is the Opportunity Cost of a Decision? Start studying Opportunity Cost Practice Quiz. A firm producing cans buys three tons of aluminum per day at $200 per ton. 1 car = 8 days = 0.8 planes (2) XYZ's opportunity cost of producing a unit of cars is 1.25 units of planes. Academic year. University. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. Use the information on college costs shown below to calculate the average opportunity cost of a year in college for a student at a four-year public institution. 2. Economic Principles (ECO10004) Uploaded by. Problem 10: Present value discounted monthly. Dayne Lee. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. What is the present value of an offer of $15,000 one year from now if the opportunity cost of capital (discount rate) is 12% per year nominal annual rate compounded monthly? Base your answer only on the information above and on comparative-advantage considerations. Visual 2: Discussion Questions: Choosing a Snack Answer: Fly to Colorado for a quick sky trip. 4 in the book (Chapter 1). The person with the lower opportunity cost should perform the chore. Solution: 15,000 / (1 + 0.12/12) 1*12. E. both c and d are correct. EXERCISE 2. Unemployment is not so important a problem as inflation. Practice with Opportunity Cost Analysis. The marginal cost of the fourth … If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. 4 different types of candy, gum, or crackers, cookies, snacks etc. Assume that the average total income of an 18-24 year old high school graduate who worked full-time is $24,000. c) What is the opportunity cost of one bunch of kale? Assume that resources are fully utilized. Opportunity cost is one of the key concepts in the study of economics Economics CFI's Economics Articles are designed as self-study guides to learn economics at your own pace. b) What is the opportunity cost of one bunch of radishes? (A) opportunity cost (B) utility (C) marginal cost (D) scarcity 28. 1 car = 15 days = 1.25 planes (3) ABC's opportunity cost of producing … Practice Questions 2 - Opportunity Cost and Trade. 3. Practice question with answers. a) If Alison is currently growing 80 bunches of kale per period, how many radish bunches is she growing? (l) ABC's opportunity cost of producing a unit of cars is 0.8 units of planes. Page 14, Ex. Andy and Hannah and the time it takes each of them to clean an office and clean a jail cell: 15 min 30 min Cleaning jail cells 20 min 60 min 2017/2018 All of the following are examples of opportunity cost except: ... B. Opportunity cost EXERCISE 1. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. Course. Refering to the table in problem #8, if each country produced according to its comparative advantage, [*Note that this is pounds per hour so the table does NOT contain the calculated opportunity costs] then the Costa Rica would produce: a) Both apples and oranges b) Only apples c) Only oranges d) Neither apples or oranges D. all goods are free. 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