In order to replace the carpet in one room, Andy will have to give up the time it takes him to complete two book reports (4 divided by 2). If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost? C. Jack, because he could shovel four driveways in the time Divide the amount of time that it takes Jack to complete a carpet replacement by the amount of time that it takes him to write a book report. ), Subject Matter Experts: It is equally possible that, had the company chosen new equipment, there would … The amount of food they can obtain each week is presented in the table below. B. Andy, because Jack has the absolute advantage. These options should quickly fix everything that plagued the one you have now. That will help you arrive at the correct answer: 0.25 of a book report. Use the keyboard to enter your answer Consider the following: A. Jack, because if he fixes a car, he gives up shoveling Replacement cost is the price that an entity would pay to replace an existing asset at current market prices with a similar asset. Willing Students of Justice, let's review. Daniel McFarland as The Narrator What this means is that, if you have to decide between a R5000 iPhone or a R15000 iPhone, by committing the extra R10000 to the purchase means that you can’t utilise the R10000 to purchase something else. JCB 3CX 14: Powered by a 74 horsepower engine with a 14'7" maximum dig depth. The total price is highly dependent on the size of the space, the quality of materials, and whether or not that layout will change. St. Louis Community College - Forest Park, That is incorrect. In order to complete one carpet replacement, Jack would have to give up the time it would take him to complete 0.25 of a book report (1 divided by 4). Social Studies Teacher, Consider the following: A. Jack, because if he fixes a car, he gives up shoveling 1 driveway. Economics Professor, To minimize labor maintenance costs, many smelters prefer to replace worn out or broken jacks with new units, if costs of the new unit permit. 1964-1972 Chevelle Parts, 1962-1979 Nova, 1967-1981 Camaro Parts, El Camino and G Body Parts. Nicholas Peppes, Table 2-2 shows the output per day of two gardeners, George and Jack. car, who has the lower opportunity cost and why? 13 - Draw a production function that exhibits... Ch. That’s a 3.5 percent year-over-year increase, and another 3.5 percent hike is expected in 2018, according to Turner & Townsend’s 2018 International Construction Market … Why is the potential for achieving life-cycle. Social Studies Teacher, cars. Economics. St. Louis, Missouri, Mark Bayles, To find the opportunity cost between two activities you divide the activity that you’re engaging in into the activity that you are giving up. For Jack, the opportunity cost of catching 1 fish is a bear(s). If you ordered two pizzas for dinner Friday. Steve Morby as Andy reasoning. Nicholas Peppes, Atlanta, Georgia, Brian Voss, Economics Professor, The increased value of a better decorated house. The correct response is A. Jack has the lower opportunity Chesterfield, Missouri, Amy Hennessy, Atlanta, Georgia, Brian Voss, Kathie Lauher as Miss Information, Teacher Reviewers: That is correct. The opportunity cost of this decision is the lost wages for a year. Opportunity cost is the loss of other alternatives when one alternative is chosen. Correct! Jack has to have the lower opportunity cost when repairing cars. This severely limits the tax benefit of doing capital improvements to buildings. Marquette High School, 13 - What is marginal product, and what does it mean if... Ch. Federal Reserve Bank of Atlanta, That is incorrect. Marquette High School, That is correct! b. Mary Suiter, Business Relationship Manager: John spends R5 000 on a new carpet. Jack’s opportunity cost of mowing a lawn is 2/3 (4/6 = 2/3) and George’s opportunity cost of mowing a lawn is 2 (10/5 = 2). What is the opportunity cost to him of the carpet? Chevelle Interiors, Sheet Metal, Disc Brake Conversion Kits, and Chevy Chevelle Restoration Parts. What is the opportunity cost to him of the carpet? book reports. Plus, if you think all that’s need is to replace your old sofa bed’s mattress, we also have three reviews of the best sofa bed replacement mattresses. What is Jack’s opportunity cost of producing 1 ukulele? Date ate 3/4 of one pizza, Jenny ate 1/8 of a pizza, Danny ate 1/4 of a … Divide the amount of time that it takes Andy to write a book report by the amount of time that it takes him to replace the carpet in one room. driveway. What is Jack’s opportunity cost of … (Input your answer as a What is Jack's opportunity cost for carpet replacement? In order to complete one book report, Jack will have to give up the time it would take him to replace the carpet in four rooms (4 divided by 1). Lesia Kuykendall, Instructional Designer: Is this an output problem or an input problem? That will help you arrive at the correct answer: 2 book reports. Of course, you’d have every right not to be a “price-gouger” and continue to charge me \$3.25 a pound. In order to write one book report, Andy would have to give up the time it would take him to replace half (0.50) of the carpet in one room (2 divided by 4). 13 - Define total cost, average total cost, and... Ch. The lower end of this spectrum covers … D. Andy, because he misses the opportunity to shovel two For Jack, the opportunity cost of hunting 1 bear is f ish. Divide the amount of time that it takes Andy to complete a carpet replacement by the amount of time that it takes him to write a book report. The correct response is A. Jack has the lower opportunity cost when repairing cars because if he fixes a car, he only gives up shoveling one driveway. Excellent calculating! What is Andy's opportunity cost for writing a book report? 1 driveway. Historical costs do not determine prices; what economists call opportunity costs do. Clayton High School, Right! Hours needed to produce one unit Ukuleles Surfboards Jack 12 4 Jill 25 5 11. For Sawyer, the opportunity cost … Thee same financing rate was used for all four vehicles. Each one will give you a better understanding of what’s essential about these products. Emily Smith Most homeowners spend between \$12,800 and \$21,200 for the average kitchen renovation. him to repair a car. Decisions typically involve constraints such as time, resources, rules, social norms and physical realities. A) 1/4 of a pound of fish. Jack currently works for a law firm full time and earns \$60,000 a year. Federal Reserve Bank of Atlanta, • To minimize labor maintenance costs, many smelters prefer to replace worn out or broken jacks with new units, if costs of the new unit permit. Most homeowners spend between \$12,800 and \$21,200, with an average cost of \$16,600 or \$150 per square foot. That is incorrect. St. Louis Community College - Forest Park, The cost to replace … C. Jack, because he could shovel four driveways in the time Andy fixed one car. If Andy fixes a car, he gives up shoveling two One car model costs \$12,000 & costs and average of \$.10 to maintain. Libertyville High School, If you invest in the high-tech common stock, what; is the opportunity cost of this choice? Use the information in the table below to calculate the opportunity costs for Jack David decides to quit working and got to school to get further training. Lesia Kuykendall, Voice Talent: D. 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