Suppose a wedge of cheese is $10, and a loaf ofbread is $5. What is the opportunity cost of purchasing a wedge of cheese (in terms of bread)?Explain what happens to the opportunity cost ofpurchasing a wedge of cheese (in terms of bread)if your income decreases by 20 percent.

Q: Provide an explanation an economist might give showing why each statement is true: - “People must…

A: The social science that examines the way in which people tend to choose among the available…

Q: By using consumer choice theory, explain why diamonds, which are not necessary to sustain life, are…

A: Paradox of Value:The paradox of value refers to the condition where the price of an essential…

Q: A production possibilities curve shows the variouscombinations of two outputs thata. consumers would…

A: Resources are anything that are employed or utilized by business companies in the production of…

Q: Assume you are spending your full budget and purchasing such amounts of X and Y that the marginal…

A: Marginal utility is additional utility derived from one extra unit of good consumed.

Q: Discuss the concept of Economic Goods.

A: Meaning of Microeconomics: The term macroeconomics refers to that situation under which the…

Q: Consider a person who is endowed with 10 units of P and 10 units of G and you observe him not buying…

A: An indifference curve refers to a graphical combination of two commodities that deliver the consumer…

Q: efine what is meant by market economy and identify its three required features

A: Market Economy refers to the economy where market demand and market supply are the major elements…

Q: Person 1 can allocate her 8-hour day between the production of two goods. A and B. Each hour devoted…

A: Answer : g. Move inwards on Good B axis only

Q: Assume Giarc has already spent his allowance of $24 on chocolates and sodas. The price of chocolate…

A: The basic idea upon which the study of economics is based is that of scarcity. Accordingly the…

Q: What does the slope of a curve between two points have to do with the opportunity cost of producing…

A: Opportunity cost of producing additional units of one good is the quantity given up of the other…

Q: Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets,…

A: Opportunity cost is the value of the best alternative or we can say the gain from the best…

Q: According to Polonyi,need for economy arises a)because scarcity of resources needs efficient…

A: According to Polonyi, formal economics is related to the scarcity of goods, and that too when the…

Q: What is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the…

A: In economics, the problem of scarcity which is universal in nature is studied and addressed. As…

Q: Opportunity costs exists only for durable goods? Explain if it’s correct or not.

A: Economics is the branch of social science that deals with the production, distribution, and…

Q: What are the features of the human wants in economics?

A: Economics: Economics is the study of mankind in the ordinary business of life, It investigates how…

Q: Why does knowing the facts help people maximize their choices

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: A student has a monthly budget of $120 to spend on either burrito, which cost $6 each, or sodas,…

A: Please find the answer below.   OPPORTUNITY COST: Opportunity costs represent the potential benefits…

Q: Anton has the endowment (2 eggs, 2 yogurts), which he can trade on the market. If the price of eggs…

A: Anton has endowment (2 eggs, 2 yogurts) that he can trade on the market also Given that price of…

Q: An economic explanation for why people make different choices begins with accepting the proverbial…

A: Saving: It refers to the money that is not used by the people. It is the money which is used in case…

Q: The wants with which economics is concerned include only those wants which can be satisfied by goods…

A: False

Q: Attempts Average / 1 6. Scarcity, opportunity cost, and marginal analysis Darnell is training for a…

A: In economics, people face a tradeoff when selecting an alternative. This means when they have one…

Q: In looking at the diagram above, if the consumer has an income of $40, then the absolute price of a…

A: Income = 40

Q: Many people think that soda consumption also leads to increased obesity. Many schools have banned…

A:

Q: If you buy something, you are never ripped off, at least according to the way economists think. If…

A: The economics as a study is based upon the idea that the resources which are present with the…

Q: What is the opportunity cost of attending the current course (economics)? Discuss how you arrived at…

A: OPPORTUNITY COST can be defined as the loss of choosing something as you sacrifice something to…

Q: Is it possible for a person to incur an opportunity cost without spending any money? Explain

A: Scarcity of resources is one of the central problems in economics. Scarcity refers to the limited…

Q: For a given question to be considered an economic question, it would need to involve: (a)money.…

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: What is the link between scarcity and each of the following? 1) Choice 2) Opportunity Cost 3) The…

A: Scarcity refers to the finite existence of resources, capable of producing goods and services that…

Q: 1. Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour…

A: PART A A. Yes, 9 units of good a and 2 units of good B are attainable but they are not efficient.…

Q: A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25…

A: A consumer have budget amounting to $400 which he could spend on two goods such as ice cream at $25…

Q: Marx writes that, in order to understand surplus-value, we have to divide the workday into two…

A: Surplus value is defined in Marxian economics as the difference between the amount raised via the…

Q: Do you think the model of consumer equilibrium describes how people really make the decisions on…

A: Consume equilibrium is a state where consumer gets maximum satisfaction.

Q: Suppose that you are given a $100 budget at work that can be spent only on two items: staplers and…

A: ‘Opportunity cost’ refers to the ‘forgone benefit’ that can be derived from choosing another…

Q: Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers…

A: Given pieces of information: Previous price of bus tickets = 0.5  New price of bus tickets = 1…

Q: WHAT is an allocation of resources such that no person can be made better off without making another…

A: Allocation of resources refers to the distribution of productive assets among various purposes.…

Q: A recent newspaper circular advertised the following special on tires: “Buy three, get the fourth…

A: Opportunity set shows the combination of goods that are available. Here, one good is tire and rest…

Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. What is Marie’s…

A: A budget constraint is faced by an individual and represents the different possible combinations of…