1. Which method is used to allocate the following scarce resources? Campus parking space between student...
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1. Which method is used to allocate the following scarce resources?
• Campus parking space between student areas and faculty areas
• A spot in a restricted student parking area
• Textbooks
• Host city for the Olympic Games
2. What is the marginal benefit from bananas when 1 pound of bananas is grown? What is the marginal cost of growing 1 pound of bananas?
3. On Figure 1, mark two points: Point A at which production is efficient but too much coffee is produced for allocative efficiency; and point B, the point of allocative efficiency.
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