Nn2 Tommy is a crystal miner where he travels to various places to dig and find crystals for his collection. Currently, Tommy found a total of 200 crystalsof at least 30 different kinds all over the United States.1. Scarcity principle applies in this scenario.2. Crystals are considered a scarce resource.3. This is only considered an economic situation if Tommy sells the crystals rather than collecting them for himself.Which of the above statements are true?Only 1 is true.Only 2 is true.Both 1 and 2 are true.Both 1 and 3 are true.O All three are true.Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 foreach subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185.Which of the following statements are true:The average cost for producing 8 sculptures is $10 per sculpture.The marginal cost of producing the seventh sculpture is $10.Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost.The marginal benefit of the seventh sculpture is $30.

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Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 for each subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185. Which of the following statements are true: The average cost for producing 8 sculptures is $10 per sculpture. The marginal cost of producing the seventh sculpture is $10. Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost. The marginal benefit of the seventh sculpture is $30.

Don is a skilled sculptor who carves old blocks of wood into a range of animal shapes. It costs Don $20 to produce the first sculpture and $10 for each subsequent sculpture. Don can sell 6 sculptures for $165 and 7 sculptures for $185. Which of the following statements are true: The average cost for producing 8 sculptures is $10 per sculpture. The marginal cost of producing the seventh sculpture is $10. Don should produce the seventh sculpture because the marginal revenue is greater than the marginal cost. The marginal benefit of the seventh sculpture is $30.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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