Economics is the study of
a. scarcity under conditions of democracy
b. choice within a system of free speech
c. financial markets
d. the role of government in a market system
e. choice under conditions of scarcity
E
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The government heavily subsidizes the production of ethanol to encourage the purchase of ethanol over oil, a less environmentally friendly form of energy. Given that the supply elasticity of ethanol, ?, is estimated to be about 0
13, what would the elasticity of demand, ?, have to be for consumers to receive at least half of the subsidy, and therefore encourage ethanol consumption? A) ? must be less than . B) ? must be greater than . C) ? must be more inelastic than the elasticity of supply. D) Both A and C.
Susan can bake 200 cookies in an hour or watch her favorite TV show. If she chooses to watch her show, her opportunity cost is
a. 200 cookies b. 100 cookies c. 150 cookies d. Need more information