Main Content B 문 Firms D arrow A arrow B Markets for Goods and Services arrow C arrow D Markets for Factors of Production Refer to the figure. You spend $2 to buy a cup of coffee. Which arrow shows the flow of $2? B Households D

Main Content B 문 Firms D arrow A arrow B Markets for Goods and Services arrow C arrow D Markets for Factors of Production Refer to the figure. You spend $2 to buy a cup of coffee. Which arrow shows the flow of $2? B Households D

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 19CTQ: Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers...

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Main Content
Firms
B
D
arrow A
arrow B
arrow C
Markets for Goods
and Services
arrow D
Markets for Factors
of Production
Refer to the figure. You spend $2 to buy a cup of coffee. Which arrow shows the flow of $2?
B
Households
D

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Suppose Alphonsos town raises the price of bus tickets from 0.50 to 1 and file price of burgers rises from 2 to 4. Why is file opportunity cost of bus tickets unchanged? Suppose Alphonsns weekly spending money increases from 10 to 20. How is his budget constraint affected from all three changes? Explain.
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Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?