The transaction's surplus in terms of the economy $30
<h3>Which principle states that the next-best choice you must forego in order to have something is its true cost?</h3>
The idea of opportunity cost, which states that the opportunity lost as a result of a decision, determines the true cost of an economic decision, is closely tied to the principle of substitution.
<h3>What is a sunk cost, give an example, and explain why it doesn't matter when deciding what to do in the future?</h3>
Sunk costs are viewed as bygone in economic decision-making and are not taken into account when determining whether to continue an investment project. Spending $5 million to establish a plant that is expected to cost $10 million is an example of a sunk cost.
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Answer:
The correct answer is option a.
Explanation:
Price elasticity of demand measures the change in the quantity demanded of a commodity due to the change in its price.
The change in quantity demanded and price level affects the total revenue as the total revenue is the product of price and quantity demanded.
So when the price is elastic then a change in the price level will cause a greater change in quantity demanded and thus in revenue. Similarly, when demand is inelastic a change in the price level will cause a smaller change in quantity demanded and thus revenue.
<h2>No the food handler should use new sanitized water.</h2>
Explanation:
- When the temperature of the water of the sanitizing solution is low, it means that there is more chance of "bacteria being present in the water".
- So this bacteria can go and affect the food and when the living being intake the food, there is a possibility for illness.
- How sanitizing hand is important, it is that equal important to sanitize the pans to "stay healthy".
- So, "the water should be poured out and new water containing the sanitizing solution should be used".
