Purchase Solution

Exonomics: Important Issues

Not what you're looking for?

Ask Custom Question

1. Define, in your own words, opportunity cost. What are your opportunity costs associated with attending Bethel's on-line program? How do they differ from your opportunity cost if you chose a program that required attendance in a traditional face-to-face classroom? Be sure to list several costs. The costs may be monetary or non-monetary.

2. Using the concepts of trade-offs, absolute advantage, and comparative advantage analyze the following questions:

Should Bill Gates clean his home or hire a housekeeper?

Should you clean your home or hire a housekeeper?

Is Mr. Gates' trade-off different from yours?

3. Discuss the following statement from the standpoint of TANSTAAFL: "Everyone in society should be guaranteed the best healthcare possible."

Use the concepts of equity and efficiency to support your argument.

Attachments
Purchase this Solution
Solution Summary

The answer to this problem explains issues in economics. The references related to the answer are also included.

Solution Preview

1. Opportunity cost is the value of the next highest alternative use of resource. This alternative cannot be used if certain action is to be pursued. This is the benefits that could have been got by taking the alternative.
My opportunity costs associated with attending Bethel's on-line program are taking Phoenix's online program, George's online program, attending a face to face classroom, buying relevant books and self-study, or purchasing a bike with the money spent on the online program.
In case of a traditional face to face classroom, my opportunity costs are attending face to face classroom in another institution, attending an online program, self-study by purchasing books, doing a full-time job, or opening and operating a small business.

2. Trade-offs means achieving a ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
Recent Feedback
  • "I read your comments, and thank you for this feedback. Do I need to find other studies that applied this methodology Ive used? That's where I'm stuck at."
  • "Thank you kindly sir. "
  • "Excellent and well explained. --Thank you kindly. "
  • "Awesome notes. I appreciate you."
  • "I have the follow-up project and I will assign that to you very soon. "
Purchase this Solution
Free BrainMass Quizzes
Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

View More Free Quizzes
Related BrainMass Solutions

  • Contract Issues Discussion

    The terms of sale, guarantee and warrantees are important contract issues in the work place. Contracts for after sales services are important issues in the workplace.

  • interview with HR professional

    In your current job, how important are issues of managing teams, managing the multicultural workforce, managing globalization, managing ethics, and managing with metrics? All these issues are equally important.

  • Issues for a Human Service Agency

    162452 Issues for a Human Service Agency The most important issues for a human service agency to address are direct and indirect costs, depreciation and use allowance, unallowable costs, profit margins, fixed and variable costs, break-even points, market

  • Leaders decision making on important issues

    The discussion of leaders decision making on what is an important issues, what issues get attention and who helps decide?

  • Diversity research

    The two most important, but often overlooked research issues related to diversity are disability issues and issues of sexual orientation.

  • Issues in Data Mining

    483465 Issues in Data Mining In your opinion, what are the two most important issues in data mining? Why do you think these two are the most important? 1. Relating data results with real world issues.

  • Security Issues in e-commerce

    This solution discusses important security issues in ecommerce in priority order

  • Accountability is important throughout all aspects of corpor

    398674 Accountability is important throughout all aspects of corporate success. Discuss the need for corporate accountability when dealing with sustainability issues for a company. Why is accountability important?

  • Bargaining Process between Labor Unions and Management

    Also, the labor union will need to know the issues that are of little important, which can be used as a bargaining chip and given away to management to obtain the important issues.

View More Related Solutions