Select the correct text in the passage.
What is the opportunity cost in this scenario?
Mikael has saved $4,000 for his trip to Brazil. He has calculated that his total transportation expenses will be $1,000. The hotel will cost him
another $1,500. He will spend about $500 on food. He plans on spending the remaining $1,000 for sightseeing and buying souvenirs.
While booking his plane ticket, he realizes that the price has gone up. His total transportation expenses will go up by $200. He realizes that he
cannot cancel his hotel reservation. He also doesn't want to go cheap on food. Finally, he decides to give up visiting the popular Ouro Preto
during his stay in Brazil.

Answers

Answer 1

Answer:

All the cost sums up to $4,000 when there is no extra charge. In this case, the opportunity cost is the same with the total cost. In this case Mikael is willing to forgo $4,000 for this opportunity and it makes his opportunity cost. However, since the transportation expenses become $1,200 instead of $1,000. We don't know exactly he buys this ticket or not, but since it is said that "while he was booking", we have to consider that he buys the ticket. The hotel costs $1,500 and it cannot be redeemed. However, $2,700 is a sunk cost, not an opportunity cost. Because in this case, Mikael does not have any alternative. He gave up from his decision in the end.

Explanation:

Answer 2

The opportunity cost in this scenario is giving up visiting the popular Ouro Preto during his stay in Brazil. Mikael decides against going to the well-known Ouro Preto since he cannot change his hotel reservation and will not forgo good food.

Opportunity cost is the price of the next best option that is given up while making a choice. In this instance, Mikael has set aside a specified amount for travel, lodging, meals, and sightseeing/souvenirs as part of his vacation to Brazil. But his travel costs will increase by $200 as a result of the higher plane ticket price. Mikael needs to decide where to make budget cuts in order to account for this rise.

Learn more about Opportunity cost here:

https://brainly.com/question/31580865

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Related Questions

President George Washington wasn't to be called "Your excellency" or "Your Majesty" why not ?

Answers

Answer:

Because He was a humble man who didnt want to be treated like royalty.

Explanation:

:)

Who thought that the working conditions needed improvement in Colombla?
A. spain
B. the government
C. the landowners
D. the poor​

Answers

Answer:

D. the poor cause they are the ones who suffered the most due to the horrible working conditions

Answer:

D. the poor cause they are the ones who suffered the most due to the horrible working conditions

Explain the difference between WWII and the Cold War.

Answers

Answer:

In the case of WWII, it was mostly fought between democracies (with the exception of the USSR) and fascist regimes. ... In WWII, there was a race between Nazi Germany and the United States to develop nuclear weapons. The Cold War also involved a nuclear arms race between the USSR and the United States.

hope this helps! :)

Explanation:

May 9th.

Our lawful (?) owners have at last arrived. About sunset, day before yesterday, the Iroquois anchored here, and a graceful young Federal stepped ashore, carrying a Yankee flag over his shoulder, and asked the way to the Mayor's office. I like the style! If we girls of Baton Rouge had been at the landing, instead of the men, that Yankee would never have insulted us by flying his flag in our faces! We would have opposed his landing except under a flag of truce, but the men let him alone, and he even found a poor Dutchman willing to show him the road!

–A Confederate Girl’s Diary,

Sarah Morgan Dawson

Based on this passage, what is Dawson’s opinion of the women of her community?

She believes that they are stronger than the men in her area.
She thinks that they are weaker than men and easier to control.
She believes that most of them side with the Union in the conflict.
She thinks that they do not understand the situation the South faces.

Answers

Answer:

She believes that they are stronger than the men in her area.

Explanation:

Answer:

It's A.

Explanation:

Why did the Pilgrims want to go to North America???
please help and fast i will mark brainliest!!!

Answers

Answer:

They came to explore, to make money, to spread and practice their religion freely, and to live on land of their own. The Pilgrims and Puritans came to America to practice religious freedom. ... The Pilgrims decided to settle in this area and called it Plymouth.

Explanation:

How would having to sell their land affect farmers?

Answers

Answer:

they wouldn't be able to grow their products in that area

China's approach to discouraging growth was an example of:
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C Positive Reinforcement: Status of women, Praise
D Positive Reinforcement; Education, "Small Family, Happy Family"​

Answers

Answer: everybody knows here that the answer is Small Family Happy Family

Explanation:

what do you understand by rule of law​

Answers

Answer:

Rule of law is a legal maxim that suggests that no one is above the law and governmental decisions must be made only by applying known legal and moral principles.


Contrast What were
the consequences of
the war for Filipinos?
for the Americans?

Answers

Answer: A short but ruthless war.

Explanation:

The Americans dominated throughout the war. The Filipinos were not able to oppose the superior American troops. Also, they did not gain international support, which continuously affected the procurement of ammunition and weapons. About 4,000 American soldiers and over 20,000 Filipinos were killed during the war and many civilians. The victory in the war gave the United States a significant strategic place. In the Asia-Pacific region, the United States has expanded its military and economic capacities. Thus the united states expanded its influence in that part of the world. The Philippines gained independence over time, which had been encouraged since the beginning of the war, but full autonomy had to wait for some time.

Why was the womans Christian temperance unión formers

A is to increase school enrollment
B is to discpurage alcohol consuption
C is to provide health classes for the por
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Answers

Answer:

Option: B.  to discourage alcohol consumption.

Explanation:

The Woman Christian temperance union forms in 1874 to fight the influence of alcohol on families and society in America. The Union was responsible for bringing significant social change. These women believed drinking to be the cause of problems in society. To reach their purpose, women protested in bars and saloons by singing, praying, and destroying alcohol. Their efforts were capable of closing a thousand bars and saloon around the United States.  

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a. literacy rates increased
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Answers

Answer:

A. Literacy rates increased

Explanation:

Before the Gutenberg press was created, people depended on the priest or the literates to read to them about the bible or the news. They were not telling the truth about what the bible really said, and used people's fear to make them buy Indulagence. However, Martin Luther was against this and wrote books preaching against the church. A way to get these new teachings to the people was to make many copies of them by using the Gutenberg press.

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Answers

Answer:

Kazoku, in Japan, the unified, crown-appointed aristocracy of the period 1869–1947, which replaced the feudal lords.

Explanation:

they were called Kazoku,

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a true
b fales

Answers

Answer:

Correct answer is a. true.

Explanation:

Holocaust is one of the greatest crimes committed in human history with a goal to erase Jewish population.

Although, Nazis tried to destroy the records of Holocaust, today we have many evidences that are leading us to conclusion that all these crimes were planned.

Prisoners in death camps were tattooed, so they would be differentiated between each other.

Mass graves that were found are showing us how great those atrocities were.

Pls anyone help me? This is due today tyyyy

Answers

1- The Sumerians
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In your own words explain what war is

Answers

Answer:

a state of armed conflict between different nations or states or different groups within a nation or state.

Explanation:

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Answers

The future of HR will be about delivering three things to the organization. Efficient and effective human capital processes— streamlining, standardizing, and integrating talent management processes across the organization (recruiting, training, performance management, rewards, and retention).

What happened to the Ottoman empire as a result of its defeat in World War I?
a. It became Finland.
c. It lost most of its territory.
b. It became Yugoslavia.
d. Greece took it over.
Please select the best answer from the choices provided
A
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Answers

The answer would be B since they lost most of their territory

Answer:

c.

It lost most of its territory.

Explanation:

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Answers

Answer:

I need two events relate to each other

Explanation:

so I can answer the question

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Answers

Answer:

sorry  not enogh info

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Answer:

da da da DDDDD

Explanation:

Answer:

D

Explanation:

Because it's just like a stop sign ._.

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Answers

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Answers

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What was the crop that people arriving in the colonies wanted to grow?

A) Corn
B) Cotton
C) Potatoes
D) Tobacco
Plz hurry I will mark brainliest

Answers

Corn is the standard expected answer though they grew many crops

Answer:

d) tobacco

Explanation:

Why do you think scarcity is an issue with the rich as well as the poor?

Answers

Answer:

yes

Explanation:

in the last few lines, the passage states that "It is the basic economic problem we all face, both rich and poor"

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Why or why not?

Answers

Answer:

no

Explanation:

everyone literally so rude in the internet nowadays :c

also who's 'he' in your question?

definitely not, he wanted peace although world peace will never happened. but he wouldn’t like or approve of what’s happening in the world today

who was the first
leader of the democratic party

Answers

Answer:

Andrew Jackson

Answer:

Andrew jackson..

Explanation:

....... .......

Quiz
Active
1
TIME REMAI
57:23
he
In a federal system of government, power is....?
divided between the national government and the states.
held by one person who makes all the decisions.
held by a central government that makes decisions.
O divided equally between all state governments.

Answers

Answer:

A. divided between the national government and the states.

Explanation:

right on edge 2021

Under the rule of Octavian, what role did the Senate play?

a. They commanded the military.
b. They acted as advisors to Octavian.
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d. They wrote Rome's budgets and raised taxes.

Answers

Answer:

D

Explanation:

I am a history teacher.

Answer:

b

Explanation:

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A. intrinsic values
B. extrinsic values
C. external values
D. improper values

Answers

Answer:

improper values.

Explanation:

I think this because it says "Jose is attracted to a particular job because of a high salary. " (sorry if I'm wrong).

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Answers

Answer:

Wolves, bears, wild boar, deer and goats were native to Rome and other animals were introduced following conquests abroad. Elephants, leopards, lions, ostriches and parrots were imported in the 1st Century B.C. followed by the hippopotamus, rhinoceros, camel and giraffe.

Explanation:

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