Solution: 15,000 / (1 + 0.12/12) 1*12. 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? 3. Practice Problems 1. Academic year. 4 in the book (Chapter 1). Problem 10: Present value discounted monthly. C. opportunity costs are zero when the production of bread increases. 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. Swinburne University of Technology. (A) opportunity cost (B) utility (C) marginal cost (D) scarcity 28. 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. Practice question with answers. 1 car = 8 days = 0.8 planes (2) XYZ's opportunity cost of producing a unit of cars is 1.25 units of planes. Answer: $13,311.74 b) What is the opportunity cost of one bunch of radishes? Page 14, Ex. D. all goods are free. 4 different types of candy, gum, or crackers, cookies, snacks etc. The person with the lower opportunity cost should perform the chore. 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 Course. Visual 2: Discussion Questions: Choosing a Snack University. Dayne Lee. Mike - wash dishes ... comparative advantage. E. both c and d are correct. 2. Start studying Opportunity Cost Practice Quiz. Our online opportunity cost trivia quizzes can be adapted to suit your requirements for taking some of the top opportunity cost quizzes. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. 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 Opportunity cost EXERCISE 1. Assume that the average total income of an 18-24 year old high school graduate who worked full-time is $24,000. a) If Alison is currently growing 80 bunches of kale per period, how many radish bunches is she growing? All of the following are examples of opportunity cost except: ... B. Materials. Assume that resources are fully utilized. Use the graph below to answer the following questions. A comprehensive database of opportunity cost quizzes online, test your knowledge with opportunity cost quiz questions. If it buys four tons per day, it receives a quantity discount on all units and pays only $175 per ton. Practice Questions 2 - Opportunity Cost and Trade. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Economic Principles (ECO10004) Uploaded by. c) What is the opportunity cost of one bunch of kale? 1 car = 15 days = 1.25 planes (3) ABC's opportunity cost of producing … The marginal cost of the fourth … What is the Opportunity Cost of a Decision? 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 Practice with Opportunity Cost Analysis. Base your answer only on the information above and on comparative-advantage considerations. A firm producing cans buys three tons of aluminum per day at $200 per ton. 2017/2018 Answer: Fly to Colorado for a quick sky trip. EXERCISE 2. Unemployment is not so important a problem as inflation. 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