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Scarcity is based on the following assumption:
Drag and drop the information about the factors of production in the right box:
- Land and raw materials
The relationship between demand and supply influences the prices of the products, this way:
Microeconomics is concerned with:
I am a farmer, I plant cucumbers in order to sell them. My crop is affected by a species of wasps, and my production is reduced by half.
I have to take a decision: should I invest in a insecticide or not?
My production is now of 200 kilograms of cucumbers. The kilo of cucumbers on the market is 1 dollar. A pack of insecticide costs 25 dollars and I would need three packages for my crop.
Let’s say the marginal cost of investing in the treatment is the price of the substance. The marginal benefit is recovering my production to the previous level. Weighing the marginal cost and the marginal benefit, which is the rational choice in this case?
Calculate the marginal cost (in dollars): dollars
Calculate the marginal benefit (in dollars): dollars
Compare the marginal cost and the marginal benefit and choose the right answer: