SOLUTION: ECON 101 CBCC Limits Alternatives and Choices Questions

Attached. Please let me know if you have any questions or need revisions.Running Head: Economic Questions1Economic questionsStudent’s nameInstitution affiliationDate1. Opportunity costs refer to a potential advantage, value, or benefit an individual or businessforego or miss out on when choosing an alternative over another. The idea of opportunitycost is a significant concept of economics. Since resources are economically limited,deciding how to use resources, an individual must choose to forego other options. In simpleterms, the opportunity cost criteria are that one element’s value or cost is lost opportunityto consume something else (Kurzban, Duckworth, & Myers, 2013). Allocating a squareblock in New York City will be an opportunity cost compared to administering the blockto suburbs because they will not enjoy the high service fee accrued in the city compared tosuburbs.2. Utility- this refers to aggregate consummation received from consuming goods andservices (Ballestero, & Romero, 2013). It relates …

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