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Economics Homework One Answers - Student Fifteen (view source)
Revision as of 19:11, September 7, 2009
, 19:11, September 7, 2009no edit summary
IsaacZ
IsaacZ
1. An example of a good would be a lawn mower while a service would be someone mowing your lawn for you.
1. An example of a "good" would be a lawn mower while a "service" would be someone mowing your lawn for you.
2. The option of choosing McDonald's instead of eating at home would cause more transaction costs. The main transaction costs would be the cost of the gas and the time that it would take to get there. You will also have to pay for the service that you receive from the McDonald's employees. To eat at home would be a much cheaper option as there are hardly any transaction costs.
2. The option of choosing McDonald's instead of eating at home would cause more transaction costs. The main transaction costs would be the cost of the gas and the time that it would take to get there. You will also have to pay for the service that you receive from the McDonald's employees. To eat at home would be a much cheaper option as there are hardly any transaction costs.