Table 24-1 The following table pertains to Cheeseland, an economy in which the typical consumer's basket consists of 15 bushels of prunes and 7 bushels of macadamia . Year Price of Prunes (Dollars per bushel) Price of Macadamia (Dollars per bushel) Year 1 13 4 Year 2 9 12 9. Refer to Table 24-1. The cost of the basket in Year 2 was a. $202. b. $205. c. $94. d. $36
|
Table 24-1
|
|
9. Refer to Table 24-1. The cost of the basket in Year 2 was
|
The economics a s a study is based upon the basic idea of scarcity, or the limit to the amount of resources which are present with the economies. The wants and desires of people on the other hand tend to be limitless in nature. The economic entities then have to make decisions and tradeoffs because they have to prioritize their needs, and wants.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
