Answer:
Supply: In economic terms, supply is the amount of resources or products that are provided by the company or an organization to the public or the targeted marketed. For example a toy making company would be providing toys to people with children, who are in need of toys.
Demand: It is an economic concept that states the need of a product or service. People or organizations have needs which are fulfilled by products and services. For example, the need for toys of people with children is known to be their demand which is then fulfilled by companies.
Answer:
$24,300
Explanation:
The total economic cost is the cost of doing something or buying an item along with the opportunity cost of doing something else.
Total cost= Monetary cost + Opportunity cost
Opportunity cost is defined as the forgone alternative when an individual performs an action.
In this scenario the monetary cost of the car is the maintenance of gasoline and oil. That is 200+ 100= $300
The opportunity cost is the amount the car would have been sold for, which is the forgone alternative. That is $24,000
Therefore
Total cost= 300+ 24,000
Total cost= $24,300
