Question One Identify the elements of scarcity, choice, and opportunity cost in each of the following statement: 1. The Environmental Protection Agency is considering an order that a 500-acre of land on the outskirts of a large city be preserved in its natural state, because the area is home to an endangered species. Developers had planned to build a housing development on the land. 2. 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. 3. A young man who went to work as a sales assistant after graduating from high school leaves his job to go to college, where he will obtain a bachelor's degree in marketing

Question One Identify the elements of scarcity, choice, and opportunity cost in each of the following statement: 1. The Environmental Protection Agency is considering an order that a 500-acre of land on the outskirts of a large city be preserved in its natural state, because the area is home to an endangered species. Developers had planned to build a housing development on the land. 2. 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. 3. A young man who went to work as a sales assistant after graduating from high school leaves his job to go to college, where he will obtain a bachelor's degree in marketing

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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