Q: 2. Explain how do economists make rationale choices to allocate the scarce resources?
A: Scarcity refers to the situation where the unavailability of resource to meet the unlimited human…
Q: Goods and services are scarce because resources are scarce. Select one: O a. True O b. False
A: Scarcity is the primary concept or reason to study economics as it is the cause of making trade-off…
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Q: at equilibrium Select one: a. Y=AE b. S+T = |+G c. Y=C +1+ G O d. all of the options
A: At equilibrium all the inputs are equals to its input. At equilibrium the economy is said to be…
Q: xplain them using the terms resources, scarcity/scarce, rational decisions, efficient decisions.…
A: Any situation where making one choice would imply losing something else which is forgoing of an…
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A: marginal benefits means that the additional amount a consumer willing to pay for an additional good…
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A: At the point when economists allude to the "opportunity cost" of an asset/resources, they mean the…
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A: Equilibrium is a point in a market where the quantity supplied of any good is equal to the quantity…
Q: at equilibrium Select one: O a. all of the options O b. Y=C + I+ G O c. Y=AE O d. S+T = |+ G
A: An economy is said to be at its equilibrium level of income when aggregate demand and aggregate…
Q: forces us to make choices. a. Scarcity b. Marginal decision making O c. Market failure O d.…
A: Economics refers to the study of how limited resources are allocated in order to satisfy unlimited…
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A: ANSWER GIVEN BELOW,
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A: "Since you have asked multiple questions, we will solve first question for you .. If you want any…
Q: What is allocation of scarce resources mean?
A: Resources are those which are provided us to use them in their best way. The resources have…
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A: Answer (D) all The production possibility frontier (PPF) is a curve that depicts all possible…
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Q: Explain your take on the statement i.e. “If resources were unlimited and freely available,…
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Q: Why does the fact that something is scarce require that we make choices
A: Scarcity refers to the shortages in the resources, goods and services available to us in relation to…
Q: t might happen to the cost of a resource as it becomes scarce
A: Equilibrium(E) refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…
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A: Pareto efficiency is a theory that implies that resources that are considered as allocated in the…
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A: Law of diminishing returns states that when the variable factor of production is combined with fixed…
Q: The opportunity cost of obtaining more of any scarce good is Select one: O a. always measured…
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A: Change in total benefits following one additional use of good, is called marginal benefit. here, in…
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Q: E Homework: Basic... Question 26, 1.1 Questio... Because resources are scarce, individuals are…
A: The resources availability in an economy is limited, thus such resources must be optimally utilized.…
Q: Economics promotes which of the following as the way to make the best decision? O Continue an…
A: Marginal benefit is the additional benefit that the individual gets from the consumption of an extra…
Q: whith practical examples distinguish between sacale of preference and opportunity cost
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Q: Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these…
A: A marginal benefit is a maximum amount a consumer is willing to pay for an additional good or…
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Explain a situation where you had to make a choice given different options due to limited resourcea?
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- at equilibrium Select one: O a. all of the options O b. Y=C + I+ G O c. Y=AE O d. S+T = |+ GMichael owns a strawberry farm in central California and is deciding how many strawberries to supply this month. Which question appropriately applies the cost-benefit principle to the supply decision? Is the price Michael gets for the extra bushel of strawberries at least as large as the marginal cost? What is the fixed cost of production for Michael's strawberries? If Michael was not producing strawberries, how else could he use his resources? Is Michael "holding all else constant" when making this decision?Explain your take on the statement i.e. “If resources were unlimited and freely available, “Economics, the Science of Choice” would be unnecessary”.
- Assume you are spending your full budget and purchasing such amounts of X and Y that the marginal utility from the last units consumed is 40 and 20 utils respectively. Assume (a) the prices of X and Y are $8 and $4 respectively; (b) it takes 3 hours to consume a unit of X and 1 hour to consume a unit of Y; and (c) your time is worth $2 per hour. In equilibrium, if you included the opportunity cost of time then, you should substitute X for Y until the marginal utility per hour is the same for both products. should consume X and Y in the equal amounts. should consume less of Y and more of X. should consume less of X and more of Y.For the last question you put shift to the left. Here are the answer choices, which one would it be exactly?Create a situation where you select one of two different items, both are WANTS. Describe the item’s advantage for the one you choose and state the opportunity cost.
