We read your photo as:
What are the definitions of opportunity cost, scale of preference, and how to calculate the median?
Economics
ScanSolve AI Answer
Answer
D
Step-by-step solution
3 stepsSolve Question 1.
Opportunity cost is the value of the next best alternative foregone. It is often referred to as the real cost of a decision.
The correct option is (d).
Answer for 1:Solve Question 2.
The order of ranking needs according to their importance is known as a scale of preference. This helps individuals and societies make choices when faced with scarcity.
The correct option is (c).
Answer for 2:Solve Question 3.
To find the median, first arrange the scores in ascending order: $2, 5, 15, 18,
Was this helpful?
Try one yourself
A new problem that tests the same skill.
Still stuck on this one?
Ask a follow-up, and the answer starts from this question.
Got a different question?Ask your own question
More Economics Questions
QPlease provide a detailed explanation of the concept of "opportunity cost" in economics and its…QWhat are opportunity cost, private cost, and social benefit?QWhat is opportunity cost and why does it matter?QOpportunity cost is the value of the next best alternative that must be foregone to undertake an…QTo illustrate the concept of choice, we should first understand opportunity cost. This is defined as…

Handwritten Step-by-Step Solution
Get this as a handwritten image on WhatsApp — like a tutor wrote it for you.
Try on WhatsApp