Lisa has an income of $250 per week, which she spends entirely on milk and eggs. The price of milk is $2 per gallon and the price of a dozen eggs is $1
What is the opportunity cost of a gallon of milk? If the price of a dozen eggs rises to $1.50, what happens to the opportunity cost of a gallon of milk?
The opportunity cost of a gallon of milk is 2 dozen eggs. If the price of eggs rises to $1.50 per dozen, the opportunity cost of a gallon of milk falls to 1.33 dozen eggs.
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February 2010, the price of gasoline in the Florida was $2.629 per gallon and the CPI was 202.4 with a base period of 1982 to 1984. What was the real price of gasoline per gallon in base period dollars?
A) $1.00 per gallon B) $5.32 per gallon C) $1.29 per gallon D) $1.809 per gallon E) $2.629 per gallon
The economy is:
A. complex, and it operates under uncertain rules. B. complex, though it operates under clear rules. C. simple, and it operates under clear rules. D. simple, though it operates under uncertain rules.