Determinants whether or not a resource is scarce

1. (Definition of economics) What determines whether or not a resource is scarce? Why is the concept of scarcity important to the definition of economics?

2. (Rational Self- Interest) Discuss the impact of rational self-interest on each of the following decisions:

Don't use plagiarized sources. Get Your Custom Essay on
Determinants whether or not a resource is scarce
Just from $13/Page
Order Essay

a. Whether to attend college full time or enter the workforce full time

b. Whether to buy a new textbook or a used one

c. Whether to attend a local college or an out-of-town college

3. ( Marginal Analysis) The owner of a small pizzeria is deciding whether to increase the radius of delivery area by one mile. What considerations must be taken into account if such a decision is to increase profitability?

4. (Sunk Cost and choice) Suppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for it so you are going to eat it all. What is wrong with this thinking?

5. (opportunity cost) You can spend spring break at home working for $80 per day for five days or go to Florida for the week. Stay home expenses will total $100, going to Florida expenses will total $700. What is your opportunity cost of going to Florida?

6. (Specialization) Provide some examples of specialized markets or retail outlets. What makes the Web so conducive to specialization?

**Should be atleast three to four pages in length. All sources must be referenced, paraphrased and quoted material must have accompanying citation. References and citations must be in APA style.**

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
The price is based on these factors:
Academic level
Number of pages
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
error: Content is protected !!
Open chat
You can contact our live agent via WhatsApp! Via +1 817 953 0426

Feel free to ask questions, clarifications, or discounts available when placing an order.

Order your essay today and save 15% with the discount code NERDY