Provide an example of an allocation method that illustrates when it works badly. Using a command system to run the economy allocates a resource________ Allocating jobs by personal characteristics allocates a resource_________ A. poorly, well B. well, poorly C. well; well D. poorly, poorly
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Provide an example of an allocation method that illustrates when it works badly.
Using a command system to run the economy allocates a resource________
Allocating jobs by personal characteristics allocates a resource_________
A. poorly, well
B. well, poorly
C. well; well
D. poorly, poorly
Step by step
Solved in 4 steps
- Choose the correct answer: . Refer to the Figure . The most inefficient point depicted is: Point A Point C Point D 4. Point G(a) Explain with the help of a graph the effect of an increase in the relative price of a labor-intensive good on input choice. (b) “Generally, an economy will tend to be relatively effective atproducing goods that are intensive in the factors with which the country is relatively wellendowed.” Explain the above statement with the help of a graph.Fill in blanks A-D in the following table.
- Question 3 A. Andre has a salary of $1000. He spends his entire budget on shoes and beers. The cost for a pair of shoes is $15 and the cost for can of beer is $25. - Construct Andre’s budget constraint (place) beers on the y-axis. - Suppose Andre’s salary rises by 25%. Also suppose that the price of shoes and beers each rise by 40%. Construct Andre’s new budget constraint. What is the difference between the new and old budget constraints? - Suppose that the price of beers fell from $25 per beer to $15. Construct Andre’s new budget constraint. What is the difference between the new and old budget constraints. B. Explain the relationship between the budget constraint and indifference curve at consumer optimum.Long answer Explain all resources that economic relies on.Increasing production will increase quantity sold, which will decrease the price of all units sold. What is this concept known as? income effect b. output effect d. a. C. input effect price effect
- Joey's Lawncutting Service rents office space from Joey's dad for $300 per month. Joey's dad is thinking of increasing the rent to $400 per month. As a result, Joey's average fixed cost of cutting grass will _____. Group of answer choices 1. increase by $100. 2. increase by $100 divided by the amount of grass cut. 3. decrease by $100. 4. not change.Need points for slideDisscuss the Marginal rate of substitution