Mention three examples of scarcity.

Question

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Answer 1

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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not use ai please

subject to X1 X2 Maximize dollars of interest earned = 0.07X1+0.11X2+0.19X3+0.15X4 ≤ 1,000,000 <2,500,000 X3 ≤ 1,500,000 X4 ≤ 1,800,000 X3 + XA ≥ 0.55 (X1+X2+X3+X4) X1 ≥ 0.15 (X1+X2+X3+X4) X1 + X2 X3 + XA < 5,000,000 X1, X2, X3, X4 ≥ 0

not use ai

Answer 2

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 3

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Answer 4

Question

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

Answer 6

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.

Economics Concept Introduction

Scarcity: It is a situation in which the demand for a good and services is greater than its supply.

Answer 7

Chapter 1, Problem 1SPPA

To determine

Mention three examples of scarcity.

Answer 8

Expert Solution & Answer

Explanation of Solution

The three examples of scarcity are given below:

The scarcity of crude oil: We all know that oil is an exhaustible resource and is getting depleted at a very fast rate because the demand is more than its supply in the market. It takes millions of year to form oil beneath the earth. Thus, it makes oil a scarce commodity.
Over fishing in a river/pond: An over fishing in a pond or a river can cause the scarcity of the fishes and other water organisms. This is because the demand for fishes is greater than its supply in a pond or a river.
Scarcity of water in deserts: Water becomes a very important commodity in desert because it is a scarce commodity. In many Middle East countries, water is very expensive because it is a scarce good.