ENV100H1 Study Guide - Final Guide: Taipei Metro, Market Power, Fixed Cost

• School: UTSG
• Department: School of Environment
• Course: ENV100H1
• Professor: Simon Appolloni

Document Summary

Review: key terms and definitions, previous test and exercise questions to related chapters. Scarcity-->scarce resource, all demand of the resource cannot be satisfied. (scarcity implies trade-off) Opportunity cost, value (often expressed in dollars), other form: time!, value-->personal value. ---> what did i have to give up next-best alternative. Related question on this year"s term test question: The price of each album is and you have a itunes credit which expires tonight. Table 1 gives your value of each of four different albums. Based on this information, what is the opportunity cost, in dollars, of purchasing herbie hancock"s. Maiden voyage: , , , , . Solution: b before you considering buying giant steps, you will choose to purchase birth of the cool which you value the most. Since you already spent on maiden voyage , you only have. 10$ left which you will spent on birth of the cool, therefore the opportunity cost of purchasing.