1. There is a saying in economics, Theres no such thing as a free lunch (hence the...
Question:
1. There is a saying in economics, ‘There’s no such thing as a free lunch’ (hence the sub-title for this case study). What does this mean?
2. Are any other (desirable) goods or services truly abundant?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
1 That there is always or virtually always an opportunity cost of a...View the full answer
Answered By
Amit Kumar
I am a student at IIT Kanpur , which is one of the prestigious colleges in INDIA.
Cleared JEE Advance in 2017.I am a flexible teacher because I understand that all students learn in different ways and at different paces. When teaching, I make sure that every student has a grasp of the subject before moving on.
I will help student to get the basic understanding clear. I believe friendly behavior with student can help both the student and the teacher.
I love science and my students do the same.
4.90+
44+ Reviews
166+ Question Solved
Related Book For
Essential Economics For Business
ISBN: 9781292728940
7th Edition
Authors: John Sloman, Elizabeth Jones
Question Posted:
Students also viewed these Business questions
-
Scarcity and Abundance Is lunch ever free? The central economic problem is scarcity. But are all goods and services scarce? Is anything we desire truly abundant? First, what do we mean by abundance?...
-
The Rome Statute only recognizes personal jurisdiction over natural persons who are over the age of 18. There is no such thing as corporate criminal liability under the Rome Statute. In other words,...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
Present and former law review editors who were researching disciplinary systems and procedures at the military service academies for an article were denied access to case summaries of honor and...
-
What are the steps in strategic management? LO6
-
Usar una agenda basada en el tiempo y una lista de acciones para conducir una reunin. OA5
-
Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $2 per...
-
Item 3 1 3 points Return to questionItem 3 The partnership of Frick, Wilson, and Clarke has elected to cease all operations and liquidate its business property. A balance sheet drawn up at this time...
-
Virtually every good is scarce in the sense we have defined it, but are water and air exceptions? If they are not scarce, explain whether it would be possible to charge for them. Does the way in...
-
Outline the main determinants of business performance. In each case, explain whether it is a micro- or macroeconomic issue.
-
Contrast organizational culture and job satisfaction.
-
Follows is a list of outstanding invoices at 12/31/09. List is by customer. Company: Winter Invoice: 101 Date: Amount: 4/15 300.00 155 7/1 500.00 162 10/14 600.00 197 12/16 250.00 Bradley 126 6/25...
-
Question 3. The acceleration of a robot as it moves along a straight line in the horizontal x-axis is given by -kt a = e (2 cos wt +3 sin wt), k = 0, w % 0, where k and w are positive constants and...
-
(1 pt) To find the length of the curve defined by from the point (0,0) to the point (1,9), you'd have to compute where a b= and f(x)= y=5x+4x / f(x)dx
-
screen. In Exercises 21 through 32, find the instantaneous rates of change of the given functions at the indicated points. 21. f(x) = 2x + 3, c = 2 22.) f(x) = -3x+4, c = 3 23. f(x) = x - 1, c = 1...
-
Solve . f(x)= cos(x) 2+ sin(x)
-
How have teachers been paid in the past and what has been the role of classroom performance?
-
The swap spread is the difference between the swap rate and the equivalent-maturity Treasury bond yield. Explain why a widening swap spread may be a signal of deteriorating economic conditions. Plot...
-
Indicate how each of the following would shift the (1) Marginal-cost curve, (2) Average-variable-cost curve, (3) Average-fixed-cost curve, (4) Average-total-cost curve of a manufacturing firm. In...
-
Suppose a firm has only three possible plant-size options, represented by the ATC curves shown in the accompanying figure. What plant size will the firm choose in producing? (a) 50, (b) 130, (c) 160,...
-
Use the concepts of economies and diseconomies of scale to explain the shape of a firms long-run ATC curve. What is the concept of minimum efficient scale? What bearing can the shape of the long-run...
-
Assume the market portfolio of common stocks earned 14.1 percent in one year while U.S. Treasury bills earned 4.4 percent and inflation averaged 4.6 percent. What was the market risk premium?
-
A bank quotes you an interest rate of 9 . 5 % per annum with quarterly compounding. What is the equivalent rate with continuous compounding?
-
Using automation tools leads to dislike 5 9 . How do the mechanical properties of woven fabric composites compare to those of unidirectional composites? Provide examples of applications for each type.
Study smarter with the SolutionInn App