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

Author Question: An efficient allocation of resources is reached in the figure above when output equals A) 1 ... (Read 73 times)

storky111

  • Hero Member
  • *****
  • Posts: 561
on: Jun 29, 2018
An efficient allocation of resources is reached in the figure above when output equals
 
  A) 1 million.
  B) 2 million.
  C) 3 million.
  D) 4 million.

Question 2

Explain how it might be possible to discuss costs of production of a good or service without using monetary values.
 
  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

xiaomengxian

  • Sr. Member
  • ****
  • Posts: 311
Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

All costs are essentially opportunity costs. That is to say that it is simply the value of the next best available alternative. Therefore, it is possible to discuss costs without mentioning monetary costs by analyzing what was given up to produce a good or a service.


storky111

  • Member
  • Posts: 561
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

LegendaryAnswers

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Interferon was scarce and expensive until 1980, when the interferon gene was inserted into bacteria using recombinant DNA technology, allowing for mass cultivation and purification from bacterial cultures.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

The tallest man ever known was Robert Wadlow, an American, who reached the height of 8 feet 11 inches. He died at age 26 years from an infection caused by the immense weight of his body (491 pounds) and the stress on his leg bones and muscles.

Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th Hyperopia (farsightedness). In the uncorrected top figure, the image would come into focus behind th
(A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re (A) The nine regions of the abdominopelvic cavity. (B) The four regions of the abdomen, which are re
Functionalist and Conflict Views of Stratification: The Distribution of Society's Resources Functionalist and Conflict Views of Stratification: The Distribution of Society's Resources
Energy Balance Is Achieved When Energy (Calories) In Equals Energy (Calories) Out Energy Balance Is Achieved When Energy (Calories) In Equals Energy (Calories) Out
The figure shows an LR circuit with a switch and a 240-volt battery. At the instant the switch ... The figure shows an LR circuit with a switch and a 240-volt battery. At the instant the switch ...
Insect PollinationHoneybees are efficient pollinators of a variety of flowers, including those of be Insect PollinationHoneybees are efficient pollinators of a variety of flowers, including those of be
Video: Neuron Type Animation

For a complete list of videos, visit our video library