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# allie is shopping when she finds a pair of running shoes priced at \$90. when allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. allie’s situation best illustrates which economic concept?

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### James

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get allie is shopping when she finds a pair of running shoes priced at \$90. when allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the running shoes. allie’s situation best illustrates which economic concept? from EN Bilgi.

## Basic Economic Fundamentals Review

Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. Get started for free!

The table shows the landscaping productivity of Simone and Irina during an eight hour workday. Simone can mow twelve lawns or trim twenty four trees in eight hours. Irina can mow nine lawns or trim twelve trees in eight hours. Based on the information in the table, which of the following is true?

Irina has an absolute advantage in mowing lawns.

Irina has an absolute advantage in trimming trees.

Irina has a comparative advantage in trimming trees.

Simone has an absolute advantage in trimming trees and mowing lawns.

Simone has a comparative advantage in trimming trees and mowing lawns.

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## Allie is shopping when she finds a pair of running shoes priced at \$90. When Allie uses her debit card to pay, it is declined be

Answer:The economic concept of scarcity.Explanation:In economics, scarcity represents the phenomenon of limitless wants suppressed by limited resourc

σₓ is approximately \$316.07

Explanation:

The given parameters are;

The annual cost of the insurance policy = \$60

The amount of payout the company makes = \$10,000 for theft

The probability of theft in the area = 0.001

From the given data, we have

The formula for mean, μₓ = ∑[x · P(x)]

μₓ = 60 × 0.999 + (-9940 × 0.001) = 50

μₓ = \$50

The variance, σₓ² = ∑[x² · P(x)] - μₓ²

Substituting gives;

The variance, σₓ²  = 60² × 0.999 + ((-9940)² × 0.001) - 50² = 9990

The variance, σₓ²  = 9990

The standard deviation, σₓ = √(σₓ²) = √(9990) ≈ 316.07

The standard deviation, σₓ ≈ \$316.07

## Allie is shopping when she finds a pair of running shoes priced at \$90. when allie uses her debit card

Correct ✅ answer ✅ - Allie is shopping when she finds a pair of running shoes priced at \$90. when allie uses her debit card to pay, it is declined because h

The economic concept of scarcity.

Explanation:

In economics, scarcity represents the phenomenon of limitless wants suppressed by limited resources.

In this case, Allie feels she needs \$90 shoes while she has not got the resources required to buy them.

This typical economic problem can be solved by moderating one's wants and clearly identifying what is priority from what is not, then intelligently making decisions on what available resources should be spent.