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Author Question: Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy ... (Read 127 times)

BrownTown3

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on: Jun 29, 2018
Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews falls from 4 to 2, the market quantity demanded would
 
  A) increase by 36 lbs. B) decrease by 28 lbs. C) increase by 28 lbs. D) decrease by 36 lbs.

Question 2

What are the problems that arise when a commodity is used as money?
 
  What will be an ideal response?


Perkypinki

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

Commodities are not used as money because of several problems. Many commodities are bulky. And many commodities change in value over time. Using as money a commodity that changes in value would be awkward. Prices would change simply because the commodity's value changed. Additionally, using a commodity as money has a higher opportunity cost than do currency and bank deposits because the commodity has alternative uses that must be foregone.


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