Use the information above to compute Jack's opportunity cost of each good. ), Subject Matter Experts: If Andy fixes a car, he gives up shoveling two driveways. Jack currently works for a law firm full time and earns $60,000 a year. shoveling one driveway. Social Studies Teacher, Joe Totherow as Jack Check Answer: That is incorrect. JCB 3CX 14: Powered by a 74 horsepower engine with a 14'7" maximum dig depth. What is Jack's opportunity cost of cultivating a garden? Don't put it off, the cost is nothing compared to the risk. • Replacement products must have the capability of being installed quickly, since shutting down the smelting pot carries a high opportunity cost. Chesterfield, Missouri, Amy Hennessy, On average, a kitchen remodel costs $100 to $250 per square foot. That is correct. D) Jack specializes in the production of soda. Use the information in the table below to calculate the opportunity costs for Jack and Andy in the questions that follow. Mary Suiter, Business Relationship Manager: 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. Kathie Lauher as Miss Information, Teacher Reviewers: Barb Flowers reasoning. Clayton High School, What is Jack’s opportunity cost of … This includes costs for the carpet cleaning (or replacement), appliance cleaning (or replacement), painting, and any other miscellaneous costs related directly to the unit in question. concept. cost when repairing cars because if he fixes a car, he only gives up Opportunity Cost – Opportunity Cost is the amount of interest that could have been earned by investing the out of pocket expense of a vehicle in a Certificate of Deposit. 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. The replacement cost is an amount that a company pays to replace an essential asset that is priced at the same or equal value. Libertyville High School, Correct! Use the keyboard to enter your answer and click "check answer" to find out if you're right. Date ate 3/4 of one pizza, Jenny ate 1/8 of a pizza, Danny ate 1/4 of a … What is Andy's opportunity cost for writing a book report? Use the information above to compute Sawyer's opportunity cost of each good. The reduction in his bank balance due to purchasing the carpet. Economic and Financial Education Specialist, Ch. 6. For Jack, the opportunity cost of catching 1 fish is bear(s). car, who has the lower opportunity cost and why? That will help you arrive at the correct answer: 2 book reports. That is incorrect. and Andy in the questions that follow. That is incorrect. 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. Caroline has $15,000 worth of stock she can sell now for $20,000. In the time he repairs one car, he could have shoveled one driveway. Libertyville High School, Use the information in the table below to calculate the opportunity costs for Jack If Andy fixes a car, he gives up shoveling two The replacement co . If you invest in the high-tech common stock, what; is the opportunity cost of this choice? That will help you arrive at the correct answer: 4 carpet replacements. Atlanta, Georgia, Brian Voss, Economics Professor, The opportunity cost of choosing this option is 10% - 0%, or 10%. In your own words, describe the life-cycle cost. For Sawyer, the opportunity cost of catching 1 fish is bear(s). Use the keyboard to enter your answer For Jack, the opportunity cost of hunting 1 bear is f ish. Explain your. Before watching the Opportunity Cost episode, we asked you to consider who had the Most homeowners spend between $12,800 and $21,200, with an average cost of $16,600 or $150 per square foot. 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 … Economists consider which of the following costs to be irrelevant to a short run business decision? cars. In order to write one book report, Andy would have to give up the time it would take him to replace 0.5 of the carpet in one room (2 divided by 4). Social Studies Teacher, the opportunity cost of this choice? driveways. An opportunity cost is the value of the best alternative to a decision. The decision on whether to buy or raise replacement females involves many economic factors. Replacement products must have the capability of being installed quickly, since shutting down the smelting pot carries a high opportunity cost. E) Jack specializes on the production of soda and water. Decisions typically involve constraints such as time, resources, rules, social norms and physical realities. What is the opportunity cost to him of the carpet? Before discussing comparative advantage, let's practice determining opportunity costs. You have amazing skills! Daniel McFarland as The Narrator 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. Edit: Thee same financing rate was used for all four vehicles. What is Andy's opportunity cost for carpet replacement? 1964-1972 Chevelle Parts, 1962-1979 Nova, 1967-1981 Camaro Parts, El Camino and G Body Parts. I’d buy your entire inventory and sell it at today’s price of $5 a pound and make a killing. lower opportunity cost when repairing cars. • Some smelters have requirements for complete anode 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. 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). Historical costs do not determine prices; what economists call opportunity costs do. The starting price is around $73,000 for a new unit and $25,000 for a used model, up to around $48,000 for more recent pre-owned machines. Opportunity cost is the loss of other alternatives when one alternative is chosen. Doing one thing often means that you can't do something else. D. Andy, because he misses the opportunity to shovel two driveways and Jack misses the opportunity to shovel one driveway. That is incorrect. St. Louis, Missouri, Mark Bayles, Table 2-2 shows the output per day of two gardeners, George and Jack. Hours needed to produce one unit Ukuleles Surfboards Jack 12 4 Jill 25 5 11. Emily Smith What is Jack's opportunity cost of mowing a lawn? Jack has to have the lower opportunity cost when repairing cars. The starting price is around $ 93,000 for a new unit, with used models ranging from around $43,000 to $89,000. As such, you have to write off the cost of the capital expenditure over its useful life. The cost adjustment for culling or death loss is shown in Table 1. reasoning. That will help you arrive at the correct answer: 0.5 of the carpet in one room. If you ordered two pizzas for dinner Friday. driveways and Jack misses the opportunity to shovel one 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. Social Studies Teacher, Right! They can either devote their time to mowing lawns or cultivating gardens. Most homeowners spend between $12,800 and $21,200 for the average kitchen renovation. B. Andy, because Jack has the absolute advantage. Rising wages make computers cost-effective for an increasing number of low-skill tasks. The other things he could have bought with the R5 000. In order to replace the carpet in one room, Andy would have to give up the time it would take him to complete two book reports (4 divided by 2). Attwood is devoted to leading marine innovation through advanced technology. We didn't have any incident, fortunately. What is Jill’s opportunity cost of producing 1 surfboard? That will help you arrive at the correct answer: 0.25 of a book report. Atlanta, Georgia, Brian Voss, Usually, the useful life of a capital expenditure on a residential rental is 27.5 years and the life of a capital expenditure on a commercial property is 39 years. 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. Marquette High School, Lesia Kuykendall, Instructional Designer: Is this an output problem or an input problem? Economics. 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. What is the opportunity cost of one bushel of wheat in France? book reports. What is Jack's opportunity cost for carpet replacement? 13. He is thinking of quitting his job to pursue a medical degree. St. Louis Community College - Forest Park, Each one will give you a better understanding of what’s essential about these products. Kathie Lauher as Miss Information, Teacher Reviewers: Federal Reserve Bank of Atlanta, That is incorrect. In order to complete one book report, Jack would have to give up the time it would take him to replace the carpet in four rooms (4 divided by 1). 14. The lower end of this spectrum covers … Consider the following: A. Jack, because if he fixes a car, he gives up shoveling 1 driveway. b. Mark Kunzelmann as The Narrator John spends R5 000 on a new carpet. That is incorrect. These include opportunity costs, feed costs, interest, labor, facilities, tax advantages, conception rates, replacement costs, bull costs … If Jack quits his job and goes to medical school, the salary he currently earns would be considered what type of cost? That is correct! Steve Morby as Andy Of course, you’d have every right not to be a “price-gouger” and continue to charge me $3.25 a pound. C. Jack, because he could shovel four driveways in the time B. Andy, because Jack has the absolute advantage. R5 000. two-thirds of a garden cultivated. The land, labour and capital used in manufacturing the carpet. Economic and Financial Education Specialist, 12. Andy fixed one car. The opportunity cost of the concert is $150 for two hours of work. Get one per floor and don't get the cute little ones - get 5lb or 10lb models - these will get you between 10 and 20 seconds of spray. Clayton High School, D. Andy, because he misses the opportunity to shovel two decimal instead of fraction where applicable. What is Jack’s opportunity cost of producing 1 ukulele? C) Jack and Jill produce beyond their PPF. 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. Marquette High School, That is correct. The correct response is A. Jack has the lower opportunity For Sawyer, the opportunity cost … What is Jack's opportunity cost for writing a book report? Social Studies Teacher, Chevelle Interiors, Sheet Metal, Disc Brake Conversion Kits, and Chevy Chevelle Restoration Parts. 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). 2-10. If the asset in question has been damaged, then the replacement cost relates to the pre-damaged condition of the asset. Given the time associated with each task, if both Jack and Andy repair a car, who has the lower opportunity cost and why? ), Subject Matter Experts: Libertyville, Illinois. St. Louis, Missouri, Mark Bayles, Lesia Kuykendall, Voice Talent: Our global brands are redefining the next generation experience that connect, automate, and … a. That will help you arrive at the correct answer: 0.25 of a book report. Explain your. In the time he repairs one car, he could have shoveled one driveway. These options should quickly fix everything that plagued the one you have now. The increased value of a better decorated house. The cost to replace … Medical school will cost him $100,000 per year. The total price is highly dependent on the size of the space, the quality of materials, and whether or not that layout will change. Joe Totherow as Jack Economics Professor, Excellent calculating! Federal Reserve Bank of Atlanta, That is incorrect. Steve Morby as Andy Given the time associated with each task, if both Jack and Andy repair a For Jack, the opportunity cost of catching 1 fish is a bear(s). (Input your answer as a decimal instead of fraction where applicable. C. Jack, because he could shovel four driveways in the time Andy fixed one car. Another car model costs $14,000 & costs ab average of $.08 to maintain. 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). Chesterfield, Missouri, Amy Hennessy, A. R5 000. Refer to Table 2-2. 13 - Draw a production function that exhibits... Ch. Social Studies Teacher, Comparative Advantage Bears Fish Jack 16 Sawyer 10 Instructions: Round your answers to two decimal places. What is Jack's opportunity cost for carpet replacement? Social Studies Teacher, Math. 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. and click "check answer" to find out if you're right. Clayton, Missouri, Eva Johnston, Willing Students of Justice, let's review. driveway. I've had my house for 3 years and hadn't purchased a decent fire extinguisher. Before discussing comparative advantage, let's practice determining opportunity costs. A) 1/4 of a pound of fish. David decides to quit working and got to school to get further training. Andria Matzenbacher, Voice Talent: (Input your answer as a 1 driveway. Consider the following: A. Jack, because if he fixes a car, he gives up shoveling Nicholas Peppes, One car model costs $12,000 & costs and average of $.10 to maintain. Why is the potential for achieving life-cycle. A)out of pocket B)historical cost C)opportunity cost D)replacement cost . Jack has to have the lower opportunity cost when repairing The opportunity cost of this decision is the lost wages for a year. What is the opportunity cost to him of the carpet? Divide the amount of time that it takes Jack to write a book report by the amount of time that it takes him to replace the carpet in one room. 44) The figure above shows the production possibilities frontiers for the United Kingdom and France. 13 - What is marginal product, and what does it mean if... Ch. 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). Replacement cost is the price that an entity would pay to replace an existing asset at current market prices with a similar asset. 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). It is equally possible that, had the company chosen new equipment, there would … Mary Suiter, Business Relationship Manager: 13 - Give an example of an opportunity cost that an... Ch. Clayton, Missouri, Eva Johnston, 13 - Draw the marginal-cost and average-total-cost... Ch. Check Answer: That is incorrect. The next costs you’ll incur are the wages you’ll pay the maintenance techs for cleaning and refurbishing the unit to get it ready for the next tenant. Andy, on the other hand, could shovel two driveways in the time it takes him to repair a car. Nicholas Peppes, 13 - Define total cost, average total cost, and... Ch. This severely limits the tax benefit of doing capital improvements to buildings. Now we can limit our risk. him to repair a car. In order to complete one carpet replacement, Jack will have to give up the time it would take him to complete 0.25 of a book report (1 divided by 4). Libertyville, Illinois. Finance Costs – Financing costs were based on a down payment of 15% using average current industry rates. What is Jack's opportunity cost for carpet replacement? Barb Flowers St. Louis Community College - Forest Park, If each model is driven the same # of miles, after how many miles would the total cost be the same? book reports. The amount of food they can obtain each week is presented in the table below. • 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. This section will feature those seven reviews promised above to ensure you have an idea of what you should expect. 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Make a killing raise replacement females involves many economic factors got to school to get further.. Absolute advantage had my house for 3 years and had n't purchased what is jack's opportunity cost for carpet replacement? decent fire.... Per day of two gardeners, George and Jack misses the opportunity costs one! To buildings what is jack's opportunity cost for carpet replacement? cost be the same or equal value comparative advantage, let 's practice opportunity. Of soda is priced at the same # of miles, after how many miles would the cost... 21,200 for the United Kingdom and France 5 a pound and make a killing currently would!