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ECON 3300 Study Guide - Final Guide: Money Supply, Productive Efficiency, Allocative Efficiency

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lilacsnail927
31 May 2020
School
ABAC
Department
Economics
Course
ECON 3300
Professor
Mc Gregor

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Document Summary

For a total price of , deshawn will also detail the of adding the engine detailing to the basic detailing package? car"s engine, a service that adds an additional to the total cost of the package. What is the marginal cost: , , , plus the value of his time, deshawn"s detailing is a service that details cars at the customers" homes or places of work. Deshawn"s cost for a basic detailing package is , and he charges for this service. For a total price of , deshawn will also detail the car"s engine, a service that adds an additional to the total cost of the package. What is the opportunity cost of buying a cappuccino: 2 1/2 russian tea cakes, . 00, . 50, 2/5 of a russian tea cake, arlene quits her ,000-a-year job to take care of her ailing parents.

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Related Questions

Which of the following statements about scarcity is true? Select one:

a. Scarcity refers to the situation in which unlimited wants exceed limited resources.

b. Scarcity is not a problem for the wealthy.

c. Scarcity is only a problem when a country has too large a population.

d. Scarcity only arises when there is a wide disparity in income distribution.

The central question in economics is how to

a. deal with the problem of scarcity

b. change government economic policy

c. change people's wants to match their needs

d. manage money and become wealthy


change people's wants to match their needs

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?