Economics is best described as (A) the study of how scarce material wants are allocated between unlimited resources. (B) the study of how scarce labor can be replaced by unlimited capital. (C) the study of how decision makers choose the best way to satisfy their unlimited material wants with a scarce supply of resources. (D) the study of how unlimited material wants can best be satisfied by allocating limitless amounts of productive resources. (E) the study of how capitalism is superior to any other economic system.

The typical consumer's food basket in the base year 2015 is as follows: 30 chickens at $4 each 10 hams at $5 each 10 steaks at $8 each a chicken feed shortage causes the price of chickens to rise to $5.00 each in the year 2016. hams rise to $7.00 each, and the price of steaks is unchanged. a. calculate the change in the "cost-of-eating" index between 2015 and 2016. year cost of the basket 2015 $ 2016 $ instructions: enter your responses rounded to one decimal place. the official cost-of-eating index has by %. b. suppose that consumers are completely indifferent between two chickens and one ham. for this example, how large is the substitution bias in the official "cost-of-eating" index? the in the cost-of-eating index is %. the of inflation in the cost of eating reflects substitution bias.

Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?

Which are the best examples of costs that should be considered when creating a project budget?