Assignment: Intro to Economics "Journal"
Instructions
Use this information to answer the following questions: Jean has a weekly lunch budget of $48, which she likes to spend on specialty coffee drinks and chicken salads.
i. If the price of a special coffee drink is $4, what is the maximum number of special coffee drinks she could purchase per week?
ii. If the price of a chicken salad is $6, what is the maximum number of salads she could purchase per week?
iii. What is the opportunity cost for specialty coffee drinks?
iv. What is the opportunity cost for chicken salads?
v. Explain how the principle of allocative efficiency will help Jean decide how to spend her budget?
Format your assignment according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.