Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 5, Problem 26AA
a)
To determine
To find: The necessary expenses presented in the cartoon.
a)
Expert Solution
Explanation of Solution
Necessary expenses are those expenses that are very important and avoiding such type of expense will lend a person in some other kind of loss. Therefore, in the cartoon, the gas expense is a necessary expense in order to drive the car.
b)
To determine
To find: The reason to choose to stay at home.
b)
Expert Solution
Explanation of Solution
Since income is a scarce resource and the expenditure of a person is fixed according to the income earned. If the
c)
To determine
To find: The effect of rise in oil prices even after avoiding the driving.
c)
Expert Solution
Explanation of Solution
The person gets affected even by avoiding driving because there are other activities that require the use of fuel. Such as oil is needed to heat the house or if the person void driving then the person will have to avoid their outside works. Thus, by avoiding those works, a person can be affected.
Chapter 5 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 5.1 - Prob. 1RCh. 5.1 - Prob. 2RCh. 5.1 - Prob. 3RCh. 5.1 - Prob. 4RCh. 5.2 - Prob. 1RCh. 5.2 - Prob. 2RCh. 5.2 - Prob. 3RCh. 5.2 - Prob. 4RCh. 5.2 - Prob. 5RCh. 5.3 - Prob. 1R
Ch. 5.3 - Prob. 2RCh. 5.3 - Prob. 3RCh. 5.4 - Prob. 1RCh. 5.4 - Prob. 2RCh. 5.4 - Prob. 3RCh. 5.4 - Prob. 4RCh. 5 - Prob. 1AACh. 5 - Prob. 2AACh. 5 - Prob. 3AACh. 5 - Prob. 4AACh. 5 - Prob. 5AACh. 5 - Prob. 6AACh. 5 - Prob. 7AACh. 5 - Prob. 8AACh. 5 - Prob. 9AACh. 5 - Prob. 10AACh. 5 - Prob. 11AACh. 5 - Prob. 12AACh. 5 - Prob. 13AACh. 5 - Prob. 14AACh. 5 - Prob. 15AACh. 5 - Prob. 16AACh. 5 - Prob. 17AACh. 5 - Prob. 18AACh. 5 - Prob. 19AACh. 5 - Prob. 20AACh. 5 - Prob. 21AACh. 5 - Prob. 22AACh. 5 - Prob. 23AACh. 5 - Prob. 24AACh. 5 - Prob. 25AACh. 5 - Prob. 26AA
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