This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Discuss what is necessary to make rational decisions. Be sure to mention opportunity cost, marginal ... (Read 38 times)

soccerdreamer_17

  • Hero Member
  • *****
  • Posts: 552
on: Jun 29, 2018
Discuss what is necessary to make rational decisions. Be sure to mention opportunity cost, marginal cost, and marginal benefit.
 
  What will be an ideal response?

Question 2

The figure above shows the production possibilities frontier for a country. The opportunity cost of a gallon of milk between combination point A and B is
 
  A) 1/3 of a gallon of ice cream for a gallon of milk.
  B) 4 gallons of ice cream for a gallon of milk.
  C) 1 gallon of ice cream for a gallon of milk.
  D) 3 gallons of ice cream for a gallon of milk.
  E) zero because at point A, zero milk is being produced.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Galvarado142

  • Sr. Member
  • ****
  • Posts: 348
Reply #1 on: Jun 29, 2018
Answer to Question 1

Economists assume that people act rationally, making choices in increments and comparing marginal costs and benefits. Costs are measured as opportunity cost, which is the value of the best thing that must be given u

Answer to Question 2

A


soccerdreamer_17

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
:D TYSM

deja

  • Member
  • Posts: 332
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

As of mid-2016, 18.2 million people were receiving advanced retroviral therapy (ART) worldwide. This represents between 43–50% of the 34–39.8 million people living with HIV.

Did you know?

Fatal fungal infections may be able to resist newer antifungal drugs. Globally, fungal infections are often fatal due to the lack of access to multiple antifungals, which may be required to be utilized in combination. Single antifungals may not be enough to stop a fungal infection from causing the death of a patient.

Wild chimpanzees make and use simple tools to obtain food, learning tool making from one another. Wild chimpanzees make and use simple tools to obtain food, learning tool making from one another.
Early in the twentieth century, when malnutrition was common, companies such as this one advertised Early in the twentieth century, when malnutrition was common, companies such as this one advertised
Add 5 more to make 9 Add 5 more to make 9
Maze-dull rats did not make significantly more errors than maze-bright rats when both groups were ... Maze-dull rats did not make significantly more errors than maze-bright rats when both groups were ...
Cost Accounting 14 Cost Accounting 14
How Many Triangles Can You Make Using the Letter M and 3 Straight Lines? How Many Triangles Can You Make Using the Letter M and 3 Straight Lines?
Video: Stroke volume

For a complete list of videos, visit our video library