Principles of Microeconomics BiewenerEconomics 100 Homework 1 and 2Opportunity Costs(Due Thurs...

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Principles of Microeconomics BiewenerEconomics 100 Homework 1 and 2Opportunity Costs(Due Thurs 1/24)Name 	What is your opportunity cost for taking Econ 100?   	This exercise is to help you understand the difference between “resource costs” and “opportunity costs”  Go to the website: http://costofwar.com/en/First, find the cost of the total costs of the wars since 2001 for the United States.Second, find the costs for the state which you are from by going to tab on the upper left and selecting your state (the tab says United States).Record: Name of StateTotal Costs of the Wars since 2001Cost of War in IraqCost of War in AfghanistanThese dollar figures represent resource costsThird, find the “opportunity costs” or tradeoffs for your state by clicking on the “tradeoffs’ tabChoose your state again.Under Programs, choose the last option: Total War Spending (Iraq + Afghanistan) since FY01Choose “all” for tradeoffs:Record at least 3 tradeoffsThese are the opportunity costs

Robert · Accepted Answer

Principles of Microeconomics					Biewener
Principles of Microeconomics       Biewener 
Economics 100
Homework 1 and 2 
Opportunity Costs  
(Due Thurs 1/24)
Name
1. What is your opportunity cost for taking Econ 100? 
 
Answer:
Opportunity cost of a thing is defined as the value of its next best alternative. In other words, it is all 
those things which need to be forgone to perform one task.
So If I am taking Econ 100,

Principles of Microeconomics Biewener Economics 100 Homework 1 and 2 Opportunity Costs (Due Thurs 1/24) Name What is your opportunity cost for taking Econ 100? This exercise is to help you understand...

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