Q: Suppose Alphonso’s town raised the price of bus tickets to $1 per trip (while the price of burgers…
A: Given information: The price of bus tickets rises to = $1 per trip Price of burger = $2 Budget = $10
Q: FIGURE 2-4 Production possibilities curve Food Refer to Figure 2-4. Which of the following best…
A: Here, ghr given graph shows a production possibility curve with Point A and Point D
Q: Question is attached below
A: a.When the economy faces double digit unemployment, it means that the economy is experiencing a very…
Q: 1.scarcity 2.choice 3.opportunity
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change.…
A: The opportunity cost of taking this course is the insight that one can benefit from taking other…
Q: Types of Production A B E Capital Goods 10 20 30 40 Consumer Goods 75 68 54 47 Draw a production…
A: Production possibility curve (PPC) depicts the different combination of two goods that a nation can…
Q: Production possibilities curve ABCDE is bowed out from the origin because: a. the marginal benefit…
A: Meaning of Production Possibility Frontier: The term production possibility frontier refers to the…
Q: Define the economic principle of opportunity cost.
A: When another item or activity is chosen, an opportunity cost is described as the amount of a…
Q: Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c)…
A: The link between each of the following and scarcity is given as follows: a) Choice and scarcity:…
Q: Economics Joe has morning commute budget of $36. He spends these money on buying gasoline for the…
A: Inflation occurs when the price level of all goods and services in the economy experiences a…
Q: Production Alternative Types of Production А B E Sandals 10 12 14 16 Boots 50 40 30 20 Draw a…
A: The Production Possibilities Curve (PPC) is a model that depicts the tradeoffs that occur when…
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: 1. Use the concept of opportunity cost to explain the following. In your response, explain what the…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: In deciding to produce a given good, an individual would always choose A. The process that uses the…
A: To determine the production method that a producer must always choose.
Q: Use the following table to answer the question below. Dave's Production Possibilities Schedule…
A: Meaning of Opportunity Cost: The term opportunity cost refers to the situation under which the…
Q: Define the following terms with explanation with an example of each 1.Scarcity 2.Opportunity cost
A: Economics is a social science that studies human behavior and help in making economic decisions.…
Q: explains that the two most important assumptions of economics are scarcity and cost. Please explain…
A: The study of scarcity and its effects on resource use, product and service production, output growth…
Q: MCQ 2 The production possibility frontier shows: A the marginal cost attached to the production of…
A: Production Possibility Frontier is the locus of different combination of two goods that an economy…
Q: As an economist it is important to know that resources are scarce. Explain what u understand that…
A: Time, money, labour, equipment, land, and raw materials are all limited resources. There are never…
Q: Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit, 3)…
A: Hi, according to our guidelines we are allowed to answer only one question with upto three…
Q: Define each of the 5 concepts of scarcity, choice, opportunity cost, rational behavior, and…
A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…
Q: Explain the concept of Microeconomics (Indifference Curve, Budget line) how you can these concepts…
A: (Q) Explain the concept of Microeconomics (Indifference Curve, Budget line) how you can these…
Q: 1. Scarcity, trade-offs, and opportunity cost Complete the following logical statement: "Because of…
A: Opportunity cost is the benefit that is sacrificed when the next best alternative is not chosen.
Q: What is the opportunity cost of attending the current course (economics)? Discuss how you arrived at…
A: OPPORTUNITY COST can be defined as the loss of choosing something as you sacrifice something to…
Q: For a given question to be considered an economic question, it would need to involve: (a)money.…
A: Economics is the subject that studies how to allocate the limited resource between the unlimited…
Q: Define the concept of scarcity. Explain the significance of this concept in relation to the concept…
A: The scarcity occurs where demand tends to be larger than available resources. Thus, resources are…
Q: Q1: What is opportunity cost? Q2: Explain with example.
A: Opportunity cost is also known as displacement cost.
Q: Discuss how the production possibilities curve illustrates scarcity, efficiency, and inefficiency in…
A: production possibility curve is the comparison of efficiency between production of two goods or…
Q: What is the best explanation of opportunity cost in economics. Explain with example.
A: Opportunity cost The cost of choosing one option/things over another is known as opportunity…
Q: Production Possibilities Frontier Use the following information to complete this assignment. C D 6 5…
A: The production possibility curve or the production possibility Frontier is a graphical…
Q: shows the possible combinations of two types of goods that can be produced when available resources…
A: The resources in the economy are limited. They are scarce as well. The human needs, however, are…
Q: Use the following information to complete this assignment. A B D E F G Units of capital goods 4 3 2…
A: The production possibility curve shows the combination of goods produced in a country using all the…
Q: Leigh has two slices of pizza for lunch. The marginal benefit that Leigh receives from the second…
A: Marginal benefit of second slice of pizza would take place when leigh buys second pizza.
Q: uppose you have $1000 to spend on shirts and sweaters. The price of a shirt is $10, and the price of…
A: The budget line of the consumer shows the different combinations of two goods that an individual can…
Q: Circular Flow Chart Quiz Fill in the 6 BLANK spots using the following 5 options: Product Markets…
A: The circular flow model demonstrates how money moves through an economy. It shows the basic economic…
Q: 1. Explain the principle of scarcity?
A: Scarcity can be defined as the restricted accessibility of an asset in contrast with boundless…
Q: What is opportunity cost? Opportunity cost refers to costs that cannot be avoided, regardless of…
A: Opportunity cost is the next best alternative forgone. If I aim to view a cricket match, my…
Q: Question 1 Which of the core principles (1) Scarcity, Choice and Opportunity Cost, 2) Cost-benefit,…
A: a) "There is no such thing as a free lunch": This statement represents the Scarcity, Choice, and…
Q: Explain what is meant by opportunity cost of choice
A: The Opportunity cost of alternative is the benefits that has to forego which are available to us…
Q: A student has 100 pencils and 400 pens, B student has 150 pencils and 200 pens, C student has 350…
A: Given, Student Pencils Pens A 100 400 B 150 200 C 350 50
Step by step
Solved in 2 steps
- Which of the following is NOT the way you can understand interaction effects? a. by graphing the cell means b. through inspecting cell means c. through inspecting marginal means d. by a verbal description of resultsExplain the link between scarcity and each of the following a) choice b) opportunity cost c) competition.Question 11 ) Listen Suppose you have a $20 Amazon gift card with which you can buy (download) songs or videos. Songs cost $1.00 each and videos cost $2.00 each. The opportunity cost of one video: a) is constant and equal to ½ song. b) is constant and equal to 2 songs. c) is $1.00. d) increases as more videos are purchased Question 12 ) Listen Which of the following is NOT true? 1) Economists view the world through the lens of scarcity. 2) The perpetual problem of scarcity forcing people and society to make choices is the basis for the definition of economics. 3) Most of the disagreement among economists involves normative economics. 4) Rationality means that choices must be made generally the same among individuals.<-- Question 13 ) Listen Which of the following does not correctly explain about the purposeful behavior that reflects "rational self- interest? O a) Sellers try to make the most profits possible from the sales of their products as many as possible. b) Consumers spend their…
- Logically relate the concepts – Choice, Scarcity, and Opportunity Cost while explaining each concept.Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Darnell has only 20 hours this week that he can devote to training. Each hour he spends swimming is an hour that he can't spend biking or running. Which basic principle of individual choice do the statements best illustrate? People face trade-offs. Darnell can use time most efficiently by spending the same amounts of time on swimming, biking, and running. People usually exploit opportunities to make themselves better off. Darnell has an incentive to spend more time on swimming than on biking or running. O O OExplain a situation where you had to make a choice given different options due to limited resources?
- Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses’ aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse.Define scarcity, choice, and opportunity cost and explain how they are related and why they are so essential in the study of economics.QUESTION 7 Olivia and Susan operate a store that sells burritos. There are two main activities: chopping up the ingredients and then cooking the fillings for the burritos. Olivia and Susan are deciding who should chop the ingredients and who should cook the fillings in order to maximise output. Olivia Susan Chopped Food (kg/hr) 15 20 Cooked Food (kg/hr) 20 30 Which of the following statements are true: For Olivia, the opportunity cost of 1kg of cooked food is 1.33kgs (to 2 decimal places) of choppectood. For Susan, the opportunity cost of 1kg of cooked food is 0.67kgs (to 2 decimal places) of chopped food. Susan should specialise in chopping. Olivia has an absolute advantage in chopping.