The economizing problem is essentially one of deciding how to make the best use of limited resources to satisfy limited wants. O unlimited resources to satisfy limited wants. limited resources to satisfy virtually unlimited wants. unlimited resources to satisfy unlimited wants.
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- As an economist it is important to know that resources are scarce. Explain what u understand that resources arenscarce in economic termsMicroeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 2. Show in a budget line illustration where pokemon cards is in the x-axis and y-axis is the sticker. 3. Find the slope using the illustrated result.(I only need the answer for number 3.)Microeconomics - Budget Line (BL) Ethan is a collector of pokemon cards and stickers. He has $56 given by his dad to spend on his collection. The store sells them at $14 per pokemon cards and $7 for the stickers. 1. If Ethan spends all his money on pokemon cards, what is the maximum unit that he can purchase based on the given budget? 2. If Ethan spends all his money on stickers, what is the maximum unit that he can purchase based on the given budget? 3. Show in an illustration where pokemon cards is in the x-axis and y-axis is the sticker.
- 3 Which of the following are the assumptions of the production possibility curve? a. All of the options b. Technology and skills available are constant c. Resources available are constant in the economy d. Two goods are produced by the economyFactors of production are inputs used to consume goods and services. a. False O b. TrueFactors of production are A) the mathematical calculations firms make in determining their optimal production levels. B) social and political conditions that affect production. C) the physical relationships between economic inputs and outputs. D) inputs into the production process.
- assume that you happen to see a ripe mango fallen from a tree lying along a public roadside. if you pick it up and consume, you can enjoy some satisfaction. how many factors of production are involved in this process of satisfying your want? explain you answer.a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.Specify and explain the typical shapes of marginal-benefifit and marginal-cost curves. How are these curves used to determine the optimal allocation of resources to a particular product? If current output is such that marginal cost exceeds marginal benefifit, should more or fewer resources be allocated to this product? Explain.
- 2. Which of the following is not an assumption that underlies an economy's production possibilities curve? A. fixed income B. fixed resources C. unchanged technology D. fully employed resourcesThe question is simple. Consider an economy with just one technique for production of each good: Good Food Cloth Labor per unit output 1 1 Land per unit output 2 1 Capital per unit output 0.8 0.9 Q1. There are 100 units of capital available. Write and draw the production possibility possiblity curve in this case. Label all the important points clearly.11// Which of these statement is accurate about the study of macroeconomics? a.how consumers use scarce resources to satisfy unlimited wants b.how consumers use unlimited resources to satisfy limited wants c.how firms use unlimited resources to satisfy unlimited consumer wants d.how consumers use unlimited resources to satisfy their unlimited wants