This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The slope of the indifference curve between steak and lobster is always equal to the ratio of their ... (Read 85 times)

chads108

  • Hero Member
  • *****
  • Posts: 507
on: Jun 29, 2018
The slope of the indifference curve between steak and lobster is always equal to the ratio of their prices.
 
  Indicate whether the statement is true or false

Question 2

Define opportunity cost. Given the definition of opportunity cost, explain what is meant by the statement There is no such thing as a free lunch.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

fatboyy09

  • Sr. Member
  • ****
  • Posts: 358
Reply #1 on: Jun 29, 2018
Answer to Question 1

FALSE

Answer to Question 2

Opportunity cost is what we give up, or forgo, when we make a choice. There
is no such thing as a free lunch because everything involves a cost, even if it
is just a time cost.


chads108

  • Member
  • Posts: 507
Reply 2 on: Jun 29, 2018
:D TYSM

irishcancer18

  • Member
  • Posts: 310
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

In women, pharmacodynamic differences include increased sensitivity to (and increased effectiveness of) beta-blockers, opioids, selective serotonin reuptake inhibitors, and typical antipsychotics.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

Astigmatism is the most common vision problem. It may accompany nearsightedness or farsightedness. It is usually caused by an irregularly shaped cornea, but sometimes it is the result of an irregularly shaped lens. Either type can be corrected by eyeglasses, contact lenses, or refractive surgery.

Did you know?

It is important to read food labels and choose foods with low cholesterol and saturated trans fat. You should limit saturated fat to no higher than 6% of daily calories.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

The S-curve in the human vertebral column--a result of the evolution of bipedality--makes humans hig The S-curve in the human vertebral column--a result of the evolution of bipedality--makes humans hig
Unregulated populations "J-shaped curve" Unregulated populations "J-shaped curve"
Slope Formula Slope Formula
The xy plane is painted with a uniform surface charge density which is equal to 40 nC/m2 . ... The xy plane is painted with a uniform surface charge density which is equal to 40 nC/m2 . ...
Construct a Lorenz curve that shows income distribution in this society. Construct a Lorenz curve that shows income distribution in this society.
Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia). Type III curve. Mortality is highest early in life. Data for a desert shrub (Cleome droserifolia).
Video: Segmentation and migrating motility complexes & Gastroileal reflex

For a complete list of videos, visit our video library