Ask Question
BusinessBusiness
8 January, 15:15

Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost." Your grandma does not understand the economic concept of:

+1
Answers (1)
  1. 8 January, 15:34
    0
    opportunity cost, the elderly woman is alsotaking a cost by not doing nothing as it renounce to doing the walks to obtain safety at home.

    Under economics concepts everything has at least one opportunity cost associated with it.

    Explanation:

    The opportunity cost represent the best alternative we renounce for the given course of action or use of the resources.

    In this case not going to walk has the cost walking.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,000 and used it for personal use for 18 days. The house remained vacant for the remainder of the year.
Answers (2)
If a monopolist is able to increase the amount of product she sells from 400 to 420 units by lowering the price of that product from $50 to $45, her marginal revenue is:
Answers (1)
Carlos plans to start a business related to upcoming technologies. He expects rapid growth in his business venture. Although the risk is high, the potential returns are high as well.
Answers (1)
Vista camera services started the year with total assets of $ 130 comma 000 and total liabilities of $ 60 comma 000. the revenues and the expenses for the year amounted to $ 100 comma 000 and $ 60 comma 000 , respectively.
Answers (1)
Since she was hired four months ago, Janelle has performed poorly on many aspects of her job. This is likely to be attributed toMultiple Choiceexternal causes. internal causes. fundamental bias. nothing; there is not enough information.
Answers (1)
New Questions in Business
Robot Corporation is liquidated, with Marty receiving property having an adjusted basis of $60,000 and an FMV of $90,000. The property is subject to a $80,000 mortgage, which Marty assumes. Marty's basis in the Robot stock surrendered is $50,000.
Answers (1)
Sales and commission are based on selling price, not the costs you have been provided. Labor: 13.8 hours at 18.75 per hour Overhead: 92% of labor Material Costs: $65.
Answers (1)
When airbnb customers in malibu start paying hotel taxes, this will have the potential to raise the equilibrium price in this market and, therefore, decrease efficiency.
Answers (1)
Curtain Co. paid dividends of $14,000; $17,500; and $21,000 during Year 1, Year 2, and Year 3, respectively. The company had 2,400 shares of 7.0%, $100 par value preferred stock outstanding that paid a cumulative dividend.
Answers (1)
In order to accomplish the productivity plan, several Subject Matter Experts from various parts of the organizational have been enlisted. As a result, you have noticed friction and conflict among team members.
Answers (1)
Home » Business » Your elderly grandma tells you: "I haven't been taking my beloved walks because I'm concerned about falling and getting hurt. See, there is always a cost to doing something. But if you don't do anything, then there is no cost.
Sign Up Forgot Password?