Posted: January 18th, 2023

 Please answer each question separately 1. Explain  why scarcity leads to tradeo

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 Please answer each question separately
1. Explain  why scarcity leads to tradeoffs?
2. What are diminishing marginal returns?
3. Suppose Alphonso’s town raises the price of bus tickets from $0.50 to $1 and the price of burgers rises from $2 to $4.
Why is the opportunity cost of bus tickets unchanged?
Suppose  Alphonso’s weekly spending money increases from $10 to $20. How is his  budget constraint affected from all three changes? Explain.

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