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Chapter 2: Q8 (page 43)
Explain why scarcity leads to tradeoffs.
Scarcity ie supply shortage compared to demand, and resources alternative uses - lead to the problem of economic choice & hence trade offs.
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Would an op-ed piece in a newspaper urging the adoption of a particular economic policy be a positive or normative statement?
Marie has a weekly budget of \(24, which she likes to spend on magazines and pies. If price of magazine is \)4 each & price of pie is 12 each :
Draw Marie鈥檚 budget constraint with pies on the horizontal axis and magazines on the vertical axis. What is the slope of the budget constraint?
7. Would a research study on the effects of soft drink consumption on children鈥檚 cognitive development be a positive or normative statement?
Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare with the same amount of resources. How would this affect the production possibilities curve and, in
particular, how would it affect the opportunity cost of education?
Marie has a weekly budget of \(24, which she likes to spend on magazines and pies. If price of magazine is \)4 each & price of pie is 12 each.
What is Marie鈥檚 opportunity cost of purchasing a
pie?
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