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Sidana [21]
4 years ago
7

Jacob buys only milk and cookies.

Business
1 answer:
Alchen [17]4 years ago
5 0

Answer:

A) With $100 Jacob can buy:

  • if he buys only milk, he will be able to buy 50 quarts
  • if he buys only cookies, he will be able to buy 25 dozens

B) if Jacob's salary increases by 10% but the prices of both milk and cookies increase also by 10%, his optimal combination will not change:

Jacob's new salary  is $110, milk's new price is $2.20 and cookies new cost is $4.40

  • if he buys only milk, he will be able to buy 50 quarts
  • if he buys only cookies, he will be able to buy 25 dozens

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Such economic conditions revealed that there was a lack of natural resources.

<h3>How may a natural resource scarcity be prevented?</h3>

We utilize more natural resources or materials offered by the planet that enable economic gain as the human population increases and economies develop. These include things like minerals, trees, water, rich soil, and other natural resources. These resources are frequently being depleted faster by us than by nature. According to the Global Footprint Network, we utilized all of the resources needed for an entire year in just seven months in 2018.

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Renewable energy sources do not deplete finite resources as fossil fuels do.

As a result, during the 1970s, long lines at gas stations were typical in the United States due to a decline in oil imports. This implies that there were not enough natural resources available.

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