Answer:
Jameson’s opportunity cost of producing one pound of cheese is 0,002 house(s).
Explanation:
Opportunity costs represent the benefits an individual, investor or business misses out on when choosing one alternative over another. Resources are limited, therefore the decision to make a quantity of product A limits the amount of producing product B.
In this exercise, Jameson has the resources to produce 5000 pounds of cheese or 10 houses per year or a combination of both.
To calculate the opportunity cost you need to determine how much of a house is 1 pound of cheese.
Opportunity cost= 10house/5000pounds= 0,002
<u>So to produce 1 pound of cheese you need 0,002 of a house.</u>
Answer:
Money as a medium of exchange is more preferable because of its less cumbersome nature.
Explanation:
Money as a medium of exchange is more suitable because of its less cumbersome nature. Money was invented because of the inefficient nature of the barter system.
Money is easily stored compared to a barter system.
Money as a medium of exchange eliminates the barter system's problem of double coincidence of wants. Barter works when you trade things you own for things you want. If for example you want a bicycle and you own a goat, you have to look for someone who wants a goat and owns a bicycle willing to make an exchange, which can be quite difficult.
Money is an acceptable medium of exchange to all parties which makes it more preferable to bartering.
Answer:
E
Explanation:
Cognitive dissonance is sometimes referred to as buyer's regret and often arises when consumers begin to wonder if they made the right purchase decision. This happens during the post-purchase evaluation stage.
Hanif will supply less tutoring now, shifting supply to the left as he is expecting this price increase in the future.
<h3>What is a supply curve?</h3>
A supply curve, in economics, is a graphic illustration of the connection between product charges and the quantity of product that a vendor is inclined and able to supply.
Product price is measured on the vertical axis of the graph and the number of products provided on the horizontal axis.
Therefore, Hanif will supply less tutoring now, shifting supply to the left as he is expecting this price increase in the future.
learn more about supply curve here:
brainly.com/question/516635
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