Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses' aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse.

Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
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Identify the elements of scarcity, choice, and
opportunity cost in each of the following:
1. The manager of an automobile assembly
plant is considering whether to produce cars or
sport utility vehicles (SUVs) next month. Assume
that the quantities of labor and other materials
required would be the same for either type of
production.
2. A young man who went to work as a nurses’
aide after graduating from high school leaves his
job to go to college, where he will obtain training
as a registered nurse.
Transcribed Image Text:Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The manager of an automobile assembly plant is considering whether to produce cars or sport utility vehicles (SUVs) next month. Assume that the quantities of labor and other materials required would be the same for either type of production. 2. A young man who went to work as a nurses’ aide after graduating from high school leaves his job to go to college, where he will obtain training as a registered nurse.
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