that means that there is an inverse relationship between automobiles and forklifts. So this would be a representation of its shape. c) In the law of opportunity when the slop is steep there's a high opportunity cost for automobiles and low opportunity for forklifts. But that of that it being flat of 3 automobiles to 20 forklifts the opportunity for forklifts are higher to automobiles. d) 1. No 2. When technology improves, when more resources are discovered it will give more output with the
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CSX has put up a bid of $8.3 B in order to horizontally integrate with Conrail in order to increase the combined profitability based on perceived improvement in Synergies. A) Lower Cost Structure: Railroad is capital intensive industry with very high fixed cost. CSX-Conrail merger will lower company’s cost-structure by creating increasing economies of scale. Operating ratio of Conrail is 87.63% and CSX’s operating ratio is 81.99% (Exhibit 1). According to American Investment research report
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example is the trade-off between protect the environment and having a high level of income. Laws which regulate pollution increase the cost of manufacturing goods and services thus leading to a chain reaction resulting in higher costs of goods, lower wages and smaller profits. 3) This statement is false because there are always trade-offs, even when services cost no money, there are still negative repercussions for such actions. If the government used all of its funding for goods like health care
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Headquartered in UK, access to the European market for garments Jersey had multi-national manufacturing and sourcing experiences, great opportunity for Prince to lower its business risk through diversification Jersey can provide: state-of-the art fabric technology recognized design competence well established brand Investment opportunity Competitive Lower labor costs advantages Problem 2: Question: What makes the valuation of Prince’s venture different from the valuation of an identical project
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economist says scarcity they are referring to the need to choose between two or more options for how to employ a resource. Any resource is considered scarce if more than one use exists for it. Opportunity cost is a direct creation of scarcity. When managing ones resources, one must choose an option. Opportunity cost is the trade off, the value of the best option you have given up for the decision you made. There are three questions that must be answered when choosing how to best use a resource: What
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efficiency? The combinations of outputs that lie on the PPF illustrate the concept of production efficiency. These points are the maximum production points possible and are attained only by producing the goods and services at the lowest possible cost. Any point inside the frontier reflects production where one or both outputs may be increased without decreasing the other output level. Clearly, such points cannot be production efficient. 3. How does the production possibilities frontier show
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Economics * The study of how individuals and societies allocate their limited resources to try to satisfy their unlimited wants. * Sometimes people have unrealistic wants that a company cannot meet. * Scarcity= focus of economics (limited resources, unlimited wants) * Abstraction * Ignore many details to focus on the most important elements of a problem * The proper degree of abstraction depends on the objective of the analysis * Theory
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Jones ECO201 In every aspect of life, we forfeit the opportunity to partake in one instance by choosing what we consider to be the next-best alternative; the option that will be most beneficial to our present and/or future. In economic terms this is best known as opportunity cost. With any and every given situation the smartest decision is to select the option that produces the most outcomes. With the given possibility curve a country can produce health care and education. However when a country
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Opportunity Cost Writing Assignment Environmental Economics Professor Eric Jamelske
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then they wouldn’t have had as much time to study. This is also called opportunity cost, the opportunity cost is the price of the thing that you are giving up. ii. a. Scarcity: Scarcity is when there is a shortage of a good or a want. b. Efficiency: Is how well an item is produced. This is best with little waste or expense. c. Equality: distributing economic prosperity equally among everyone. d. Opportunity Cost: something that must be given up to get something else. e. Marginal
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