2. Explain how do economists make rationale choices to allocate the scarce resources?

Q: O A. Everyone has unsatisfied wants.

A: There are various definitions of economics. The early economists called economics 'the science of…

Q: -. In microeconomics the two fundamental assumptions that resources are finite, but conomic wants…

A: PPC:Graphical representation of the combination of two goods that can be produced in the economy in…

Q: Refer to the above diagram. Points A, B, C, D, and E show: Multiple Choice that the opportunity cost…

A: Opportunity cost:It refers to sacrificing one good for an additional unit of another good. In…

Q: 16. How prices allocate resources Suppose that there are three beachfront parcels of land available…

A: Answer: It is given that the minimum selling price is $445,000. So all those who are willing to pay…

Q: Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted…

A: When talking about production possibility, any outcome that lies  on the production possibility…

Q: Which of these people will purchase one of the three mountain resort plots? Check all that apply.…

A: In a market, a seller and a buyer interact and make a transaction is they both are able to gain…

Q: 3. The production possibilities curve below show the hypothetical relationship between the…

A: Marginal opportunity cost of producing the second unit of clothing:The amount of one good that must…

Q: New technology for producing plywood is developing.  Which of the figures above best illustrates…

A: Figure D is the right answer reson :- It happen s to to introduction of new technology due to fall…

Q: The main problem of economic theory is believed to be the contradiction between unlimited needs and…

A: The main problem in economic concept arises from the inherent contradiction between unlimited human…

Q: hat is a basket of goods? Explain how it is selected.

A: The "shopping baskets" of items utilized in aggregating the various measures of consumer price…

Q: 5. Alaina has eaten two bowls of ice cream at La Michoacana. She considers eating an additional bowl…

A: Answer is given below

Q: 1. Scarcity, opportunity cost, and marginal analysis Caroline is training for a triathlon, a timed…

A: Opportunity cost can be defined as a next best alternative in use, which is sacrificed for something…

Q: 18. How prices allocate resources Suppose that there are three plots of mountain resort land…

A: In a market, a seller and a buyer interact and make a transaction is they both are able to gain…

Q: occurred because: ters FF EE FF EE Textiles

A: The diagram above shows two production possibility frontiers for an economy. The movement of the…

Q: 6. Scarcity, opportunity cost, and marginal analysis Kevin is training for a triathlon, a timed race…

A: Trade-off refers to the balancing of factors, all of which are unattainable at the same point of…

Q: With a budget of $500 000, a school board can choose to purchase 20 000 textbooks or 2000 laptop…

A: Opportunity cost is a fundamental economic concept that refers to the value of the next best…

Q: 6. Scarcity, opportunity cost, and marginal analysis Rosa is training for a triathlon, a timed race…

A: Given the analysis above, Rosa must give up wages of an hour of her work along with the fees of…

Q: 4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted…

A:

Q: What is the marginal opportunity cost to Fred of buying one milkshake? If Fred buys six milkshakes,…

A: Opportunity cost is the cost of next best alternative use. It is the cost which a person occur, when…

Q: Poornima is a skilled toy maker who is able to produce both boats and drums. She has 8 hours a day…

A: The cost of the next best alternative foregone is reffered to be as opportunity cost

Q: The marginal benefit from a good is the OA. opportunity cost of producing B. benefit received from…

A: Marginal cost(MC): refers to the change in the total cost when an addition is made to the total…

Q: When shopping for your interview clothes, some trade-offs you face include: O choosing one brand of…

A: Opportunity cost refers to the cost of a foregone opportunity. The cost involved when an opportunity…

Q: Refer to the diagram to the right which shows various points on three different production…

A: The production possibility curve represents the combination of the two commodities in the market. It…

Q: 1. A basis for the systematic study of economics exists because A Resources are scarce in relation…

A: 1. Economics is a social science which deals with the science of decision making, i.e. understanding…

Q: A nation can produce two products: tanks and autos. The table below is the nation's production…

A: Opportunity cost is sacrifice of production of one good required to produce another good.

Q: 6. Provide a detailed analysis of the Second Welfare Theorem of Economics

A: The second welfare explains that Pareto efficient allocation is possible if all consumers have…

Q: ow are scarcity and shortage different from each other? a) scarcity affects parts of society and…

A: Scarcity is an economic concept It occurs due to higher demand for goods and services than their…

Q: what is primarily concerned with markets for goods, services and resources

A: Microeconomics is the study of people, families, and firms' conduct in navigation and allotment of…

Q: 6. Scarcity, opportunity cost, and marginal analysis Bob is training for a biathlon, a winter racing…

A: The opportunity cost of an activity is equal to the value of next best alternative. Opportunity cost…

Q: Which of the following three statements are normative O Congress gives too many tax breaks to…

A: In economics, a statement is considered as a normative statement when it needs value judgement and…

Q: 5

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…