Master Card has a series of cute commercials that list a series of accounting items and costs leading to a priceless product. Cell phones are often advertised as being free. In economics, it is said that nothing of value is either free or priceless, everything has a price. Take something from your experience, that is allegedly free or priceless and use the concepts of accounting costs, economic costs, explicit costs, implicit costs, opportunity costs and sunk costs to explain why it is neither priceless nor free.
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This is a classic question that gets at the idea of opportunity cost. Suppose that I got a free ticket to the Sunday afternoon football game in Seattle. 50 yard line seats nonetheless! How I get the ticket is not important. I may have signed up for a credit card, or filled out a survey. My first ...
Solution Summary
The following is a discussion of opportunity cost. The narration demonstrates how in economics even things that are advertised as free actually are not. It covers the concepts of accounting vs. economic costs, explicit vs. implicit costs, opportunity and sunk costs.
... 1. Most discussions of marketing strategy focus on large ... to know at the time the opportunity is missed, but ... This concludes a discussion of the four P's: Product ...
... advise him to search for new market opportunities and what ... those plans it also offers an opportunity to see ... This will seguay into a discussion of how marketing ...
... The opportunity cost of the online degree program of the UOP includes the ... The instructors at other universities take part in the discussions or evaluations to ...
... (Think about our discussions of human ... ___economic profit_____Positive net earnings, in the accountant's sense, minus the opportunity costs of capital and of ...
... This is a discussion, not a spreadsheet. ? ... Waste reduction and a Green image can be one of the biggest opportunities for the ... Asian markets are an opportunity. ...
... The following discussion covers the formulae that underlie the products of ...Opportunity cost is defined as the value of foregone opportunities, that is ...
... serve niche markets (see attached article for full discussion). ... Opens the window of opportunity to a ... Advertising costs typically are high during this stage in ...
... are the opportunity costs of these decisions? Include what will happen to private and public choices as the economy grows. Support your discussion of these ...
... Above is the discussion of relation between ... In evaluating any project opportunity, cost of money must be assumed to bring the future costs and benefits of ...
... Let's start with a discussion about the term ... because he faces a lower opportunity cost in that ... trade because they have fewer opportunities for specialization ...
