The law of increasing opportunity cost tells us that, as the economy moves along the production possibilities curve in the direction of more of one good, its opportunity cost will increase.
<h3>What is
economy ?</h3>
An economy is a region where products and services are produced, distributed, traded, and consumed. It is generally understood to be a social domain that places an emphasis on the behaviors, discourses, and tangible manifestations connected to the creation, utilization, and management of finite resources.
One's culture, values, education, technological advancement, history, social organization, political structure, legal system, and natural resources are all major determinants of an economy's processes. These elements determine the parameters and conditions under which an economy operates in addition to providing background and content. In other words, the economic realm is a social domain made up of connected human behaviors and exchanges that cannot exist independently.
Individuals, companies, organizations, or governments all qualify as economic actors.
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Answer:
The answer is: The cost of the land is $457,200
Explanation:
To determine the total cost of the land acquired by the Blossom Clinic, we must add the purchase price, unpaid property taxes and legal fees.
Cost of the land = $450,000 + $4,000 + $3,200 = $457,200
Land grading is not included since it is a type of land improvement.
Answer:
For business travellers Qb = 3,500 - 10pb
P = 350 - .1Q
And ,for tourists it is Qt = 22,000 - 200 pt
P = 110-Q ÷ 200
Explanation:
Let us assume the demand curve be 
Also at the equilibrium point, MR = MC
So
Now solving these equations
Now putting these values
So,
For business travellers Qb = 3,500 - 10pb
P = 350 - .1Q
And ,for tourists it is Qt = 22,000 - 200 pt
P = 110-Q ÷ 200
Hence, these are the answers that are shown above
Answer:
25% = 0.25 = 25/100 --> 1/4
90% = 0.90 = 90/100 --> 9/10
60% = 0.6 = 3/5
35% = 0.35 = 35/100 --> 7/20
33.3...% = 0.33... = 1/3
65% = 0.65 = 65/100 --> 13/20
How to calculate percentage:
[From decimal]
Decimal x 100 = percentage
e.g. 0.2 x 100 = 20%
[From fraction]
Numerator / Denominator x 100 = percentage
top number / bottom number x 100 = percentage
e.g. 3/5 --> 3 / 5 x 100 = 0.6 x 100 = 60%
How to calculate decimal:
[From percentage]
Percentage / 100 = Decimal
e.g. 45% / 100 = 0.45
[From fraction]
Numerator / Denominator = Decimal
top number / bottom number = Decimal
e.g. 7/8 = 7 / 8 = 0.875
How to calculate fraction:
[From percentage]
Percentage number / 100 --> simplify
e.g. 38% --> 38/100 --> 19/50
[From decimal]
Decimal x 100 / 100 --> simplify
e.g. 0.75 --> 0.75 x 100 = 75 --> 75/100 --> 3/4
Hope this helps :)
Answer:
elasticity of demand is 2.16. Consumers pay a smaller portion of the tax
Explanation:
Elasticity of demand measures the responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded / percentage change in price
(2/19)(2/41) = 2.16
When the coefficient of elasticity is greater than 1, demand is elastic.
Elastic demand means that a small change in price leads to a greater change in quantity demanded.
Because demand is elastic, more of the burden of the tax falls on producers and consumers pay a small portion of the tax.
I hope my answer helps you
