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+--- Thread: Microeconomics help (/showthread.php?tid=6337)
Microeconomics help - Pepper - 01-20-2018
Hey just wondering if anyone could help me.
Currently I 'own' a business that buys, restores, then sells cars for profit. These are question regarding my business but I'm a little confused. If anyone could help that would be great. If someone could explain it to me that would be great
2. (5 points) State whether or not the following would be an opportunity cost of owning and working in your own business
a. Income earned from working at another occupation
b. income earned from your mutual fund (you still have it)
c. payments for meals
d. payments for property taxes on your person residence (your home)
RE: Microeconomics help - TheLazyNinja - 01-20-2018
by definition opportunity cost is "the loss of potential gain from other alternatives when one alternative is chosen." so looking at the options we know that there is only one alternative to the car business and that would be income earned from another occupation. The mutual fund would be supplemental income so it's not an alternative, the others are easy to eliminate because they're just living costs. so A would be the right answer because by starting the car business you give up earnings from a different occupation.
I'm not an expert, but I hoped this helps!
RE: Microeconomics help - Pepper - 01-20-2018
It's not multiple choice
thank you though
RE: Microeconomics help - TheLazyNinja - 01-20-2018
oh i'm sorry, I misread the question
RE: Microeconomics help - EmperorWhale - 01-20-2018
A. Is opportunity cost because you're giving up the potential funds you earn from that job by owning your own business.
B. Not opportunity cost because owning your own business wouldn't have an affect on a mutual fund.
C. You'll be paying for meals regardless of what job you have. Plus, you're not giving up anything by paying for meals. (This is a dumb question)
D. Also will be paying property taxes regardless of what job you have. Basically the same reasoning as C.
Source: Took microeconomics in the fall. Are you leaving out any kind of details? Asking cause C and D are just weird options to me. The only one that really makes any kind of sense to be opportunity cost is A.
RE: Microeconomics help - Minehuis - 01-21-2018
Can we get a homework help section?
RE: Microeconomics help - Pepper - 01-21-2018
(01-20-2018, 09:15 PM)EmperorWhale Wrote: A. Is opportunity cost because you're giving up the potential funds you earn from that job by owning your own business.
B. Not opportunity cost because owning your own business wouldn't have an affect on a mutual fund.
C. You'll be paying for meals regardless of what job you have. Plus, you're not giving up anything by paying for meals. (This is a dumb question)
D. Also will be paying property taxes regardless of what job you have. Basically the same reasoning as C.
Source: Took microeconomics in the fall. Are you leaving out any kind of details? Asking cause C and D are just weird options to me. The only one that really makes any kind of sense to be opportunity cost is A.
I'm not leaving out anything. These questions are just confusing and dumb. Thank you for your help though.
RE: Microeconomics help - Kuro - 01-21-2018
(01-21-2018, 12:59 AM)Minehuis Wrote: Can we get a homework help section?
Can we get an entire economics section dedicated to messages to Excel where he helps players make good deals and explains the mindset of his great business strategies