Search
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

# Economic Concepts - Assignment Example

Summary
Economic Concepts Date Abstract This assignment is an exercise in the concept of opportunity cost. Michelle and James live in an isolated region where both grow potatoes and raise chickens. Both have the option of producing potatoes only or raising chickens only…

## Extract of sampleEconomic Concepts

Download file to see previous pages... Eventually, the importance of trading with each other will be realized as both parties become better off as a result of such trade. Economic Concepts 1. What is Michelle’s opportunity cost of producing potatoes? 200 potatoes = 50 chickens --> 200/200 potatoes = 50/200 chickens --> 1 potato = ? chicken or 0.25 Opportunity cost of producing one potato is ? chicken or .25. 2. What is Michelle’s opportunity cost of producing chickens? 50 chickens = 200 potatoes --> 50/50 chickens = 200/50 potatoes --> 1 chicken = 4 potatoes Opportunity cost of producing one chicken is 4 potatoes. 3. What is James’ opportunity cost of producing potatoes? 80 potatoes = 40 chickens --> 80/80 potatoes = 40/80 chickens --> 1 potato = ? chicken Opportunity cost of producing one potato is ? chicken. 4. What is James’ opportunity cost of producing chickens? 40 chickens =80 potatoes --> 40/40 chickens = 80/40 potatoes --> 1 chicken = 2 potatoes Opportunity cost of producing one chicken is 2 potatoes. 5. Which person has an absolute advantage in which activities? For Michelle: Opportunity cost of producing one potato is ? chicken. And opportunity cost of producing one chicken is 4 potatoes. For James: Opportunity cost of producing one potato is ? chicken. And opportunity cost of producing one chicken is 2 potatoes. ...
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Economic Assignment (Keynesian Economics)
John Maynard Keynes proved as to how an economy can sustain its adverse position of unemployment along with high inflation without intervention of the government. The reason for which government uses this theory for improving economic performance is the power of controlling supply of money within an economy.
3 Pages(750 words)Assignment
Micro economic assignment
Analyze the impacts of increased demand for biofuels on the demand for and price of crops such as corn. Figure 1: Isoquant Isocost Analysis for the Production of Biofuels From other raw materials and plant matter, liquid fuels referred to as biofuels can be produced.
6 Pages(1500 words)Assignment
Economic Concepts
c) James’ opportunity costs of producing the potatoes exclusively instead of the chickens would be 40 chickens per year. d) James’ opportunity costs of producing the chickens exclusively instead of the potatoes would be 80 pounds of potatoes per year.
2 Pages(500 words)Essay
Finance Concepts Assignment
Hence to be on the safe side the financial analysis is imperative. In this case the concepts of NPV and Payback are the indicators to be used to assess whether the business will carry good returns or not. “Net Present Value (NPV) is the excess of the present value (PV) of future cash inflows to be generated by the project over the amount of initial investment.” On the other hand “Payback period is the length of time it will take the company to recover its initial investment.” In this scenario e.g., if the initial investment is \$15,000 and the annual after tax cash saving are \$3000, then the payback period would equal 5 years.
4 Pages(1000 words)Assignment
Economic concepts assignment
Explicit costs result in the creation of opportunities and tangible assets for the business. Some examples of explicit costs are: rent payments, wages and salaries of employees and labor, raw materials, maintenance, company bills, services from other businesses and other expenses.
4 Pages(1000 words)Assignment
One of the reasons cited as causing the current economic crisis is the political inefficiency (4:03 – 9:10). Education plays a pivotal role in nurturing leaders with impeccable leadership skills
1 Pages(250 words)Assignment
Problems in Economic Development's assignment
(b) Economic development is hard to measure because it is made up of several factors that cannot be easily quantified or expressed in monetary terms. For example changes in social behavior cannot
2 Pages(500 words)Assignment
Problems in Economic Development 's assignment
c) Iron deficiency is very perplexing in the developing world because iron deficiency reduces the productivity level of people in the world while iodine deficiency causes mental retardation and brain damage. The solution for the iron deficiency is to take
2 Pages(500 words)Assignment
Problems in Economic Development 's assignment
Hence, this may be caused by increase in population to spur economic growth. Developing countries experience this type of growth as they are
3 Pages(750 words)Assignment
Writing assignment
WSJ online website will be the source of graphs essential for this analysis. Figure 1 above shows the sales of cars and light trucks in the U.S retail
1 Pages(250 words)Assignment
Let us find you another Assignment on topic Economic Concepts Assignment for FREE!
+16312120006