B D E A Free time 13 15 19 22 Grade 84 78 57 33 MRT 2 4 7 9 MRS 20 15 7 3 EXERCI
ID: 1152999 • Letter: B
Question
B D E A Free time 13 15 19 22 Grade 84 78 57 33 MRT 2 4 7 9 MRS 20 15 7 3EXERCISE 3.6 EXPLORING SCARCITY Describe a situation in which Alexei’s grade points and free time would not be scarce. Remember, scarcity depends on both his preferences and the production function. B D E A Free time 13 15 19 22 Grade 84 78 57 33 MRT 2 4 7 9 MRS 20 15 7 3
EXERCISE 3.6 EXPLORING SCARCITY Describe a situation in which Alexei’s grade points and free time would not be scarce. Remember, scarcity depends on both his preferences and the production function. B D E A Free time 13 15 19 22 Grade 84 78 57 33 MRT 2 4 7 9 MRS 20 15 7 3 B D E A Free time 13 15 19 22 Grade 84 78 57 33 MRT 2 4 7 9 MRS 20 15 7 3
EXERCISE 3.6 EXPLORING SCARCITY Describe a situation in which Alexei’s grade points and free time would not be scarce. Remember, scarcity depends on both his preferences and the production function.
Explanation / Answer
Ans
It will occur when MRS=MRTis 7.Here what Alexei wants is equal to what he can do. So here is no scarcity. At any point say MRT =9 and Mrs=7 Alexei wants to substitute 7 hour of leisure to get 1 increase in grade but he has to sacrifice in reality 9 hours to get this grade Thus there is scarcity of time
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