Scarcity is the condition wherein the mean to and end (that is resources required to achieve set goals) are limited in relation to the goals that need to be achieved.
Because of the above, one has to carefully make their choice while allocating the resources accordingly.
<h3>What is opportunity Cost?</h3>
When a choice is made between two competing alternatives, it means that one alternative has to be foregone. The alternative foregone is called the Opportunity Cost.
<h3>
What is a rationing device?</h3>
A rationing device is a system that determines who receives what of limited commodities and resources.
Price is one of the most regularly employed rationing techniques in a capitalistic (market-based) economic system.
Those who are willing and able to pay the price for a certain commodity (or resource) can obtain it.
Learn more about Scarcity:
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Answer:
100
Explanation:
Goal programming is an optimization technique that allows for multiple, normally conflicting objectives and then attempts to solve each goal sequentially to a satisfactory level. In goal programming, differential variables are being used.
Since the goal programming problem had two goals. Goal number 1 was to achieve a profit of $2,400 and goal number 2 was to have no idle time for workers in the factory. The optimal solution to this problem resulted in a profit of $2,300 and no idle time
This means that goal number 2 was achieved since the optimal solution resulted in no idle time. But goal number 1 was not achieved because a profit of $2300 was achieved in the solution instead of $2400.
Therefore, the value for the objective function for this goal programming problem = 2400 - 2300 = 100
Answer:
Following are the solution to this question:
Explanation:
Answer: Option C
Explanation: The maximum amount of money that a consumer is willing to pay for having an additional unit of a good or service is called the marginal benefit. Whereas, marginal cost refers to the increase in total cost when one more unit of output is produced.
In the given case, we want to use the available resources at their best, therefore, the money on pollution control should be spent only until the benefit of spending one more dollar is greater than the cost of doing so.
Hence, the correct option is C.
Alright bud so basically what maximizes the amount of interest you can make would be a high interest rate along with a long period of time
