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nekit [7.7K]
3 years ago
13

A basic concept in economics is that all resources are scarce. Allocated. Valuable. Renewable.

Business
2 answers:
DIA [1.3K]3 years ago
7 0

A basic concept in economics is that all resources are scarce.

<h3><u>Explanation:</u></h3>

There are wants, needs and desires that are unlimited in nature with respect to humans. Resources are very essential for the survival of human beings. The distribution of these scare resources is studied by the Economics. Free goods refer to those goods that come without any cost associated with that.

The resources that are available naturally is scarce because there are only finite quantity available for the utilisation. Some of the examples of scarce resources include raw materials, workers, etc that are very essential for the production of the scarce goods.

maksim [4K]3 years ago
3 0

Answer: scarce

Explanation: edg 2020

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Marginal resource cost is Multiple Choice
Otrada [13]

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a. the increase in total resource cost associated with the production of one more unit of output.

Explanation:

Consider the following calculation

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4 years ago
On May 1, 2019, Joe Hill is considering one of the following newly issued 10-year AAA corporate bonds. Description Coupon Price
wolverine [178]

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8 0
2 years ago
The demand curve for a product is given by QXd = 1,200 - 3PX - 0.1PZ where Pz = $300.
arsen [322]

Answer:

Explanation:

a. QXd = 1,200 – 3PX – 0.1PZ

Pz = $300 and Px = $140, plugging the values, we get,

Qx = 1200 – 3*140 – 0.1*300.

Qx = 750 units.

Elasticity of demand = \deltaQx/\deltaPx * Px/Qx.

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The elasticity of demand is INELASTIC because the absolute value of elasticity is less than one. If the firm charges a price below $140it might lose out in revenue because the percentage change in demand is less than the price.

b. Px = $240, substituting this into the equation we get

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The demand is elastic because the absolute value is less than one. If the firm charges a price above $240 it might lose out on its revenue because the percent change in demand is more than the price.

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The goods are complements of each other. As the price of one increases, the demand for other would fall, and vice-versa is true.

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