econ 105_tut question_chapter 1_sfu_answer0

Surely you would have eaten some food even if you

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Unformatted text preview: $495 that could be used for other goods and services you want the most. Surely you would have eaten some food even if you hadn’t gone skiing, so the full $75 is not included. But given the relatively high price of restaurant meals compared to buying your own groceries, you will probably include most of the $75. Thus the opportunity cost of the ski trip is $420 plus some (large) fraction of the $75. 4. What is the difference between scarcity and poverty? If everyone in the world had enough to eat, could we say that food was no longer scarce? Discuss your ideas with classmates. By scarcity w...
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This note was uploaded on 01/20/2014 for the course ECON 105 taught by Professor Hanafiahharvey during the Summer '08 term at Simon Fraser.

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