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Answer:
Total economic costs per glass is $0.18.
Explanation:
The total economic costs will include both explicit and implicit costs.
Explicit costs are those which are directly measured, for instance, cost of inputs here.
The implicit costs is the indirect cost. Here opportunity cost is the implicit cost.
Total economic costs
=$(0.01+0.02+0.03+0.02+0.10)
=$0.18
So, the total economic cost is $0.18.
Answer:
These stores sell inferior goods and services.
Explanation:
An inferior good or service is a good or service whose demand decreases as the income of their consumers increases, i.e. if the consumers are earning more money, they will consume less of them.
On the other hand, when their consumers' income decreases, their demand increases.
Both McDonald's and Dollar General are business that sell cheap goods and services, so when the financial crisis decrease American households' incomes, they more people purchased their goods and services.
The statement "bikes shortage should be developed" is correct.
The following information should be considered:
- In the case when the firm wants to sell the product at a lower price so there should be a product shortage.
- The demand and supply should not achieve at equilibrium.
- There is no inelastic demand that should be developed.
- The no of bikes generated should not be increased.
Therefore we can conclude that The statement "bikes shortage should be developed" is correct.
Learn more about the product shortage here: brainly.com/question/12596577
