ass1 - IreneLadiesMenajang IIC/100613031 MICROECONOMICS 1.

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Irene Ladies Menajang II C/ 100613031 MICROECONOMICS 1. One of the scarce resources that constrain our behavior is time. Each of us has only 24 hours in a day. How do  you go about allocating your time in a given day among competing alternatives? How do you go about weighing  the alternatives? Once you choose a most important use of time, why do you not spend all your time on it? Use  the notion of opportunity cost in your answer. 2. “As long as all resources are fully employed and every firm in the economy is producing its output using the best  available technology, the result will be efficient.” Do you agree or disagree wiith this statement? Explain this  answer. ANSWER 1. For example me as a student in university before i go back to home, my friend ask me to watch movie on the 
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This note was uploaded on 05/25/2011 for the course ECON 101 taught by Professor Adha during the Spring '11 term at Howard College.

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