Refer to Table 2-15. What is Jack's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed
C) two-thirds of a garden cultivated D) one and a half lawns mowed
C
Economics
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Differentiate between an induced increase in consumption and an autonomous increase in consumption. How are they represented on a graph?
Economics
The demand for microwaves in a certain country is given by: D = 8,000 - 30P, where P is the price of a microwave. Supply by domestic microwave producers is: S = 4,000 + 10P. If this economy opens to trade while the world price of a microwave is $50, and the government imposes a tariff of $30 per microwave, then the domestic quantity demanded will be ________ microwaves.
A. 5,600 B. 5,000 C. 4,500 D. 4,000
Economics