Write the Word or Phrase That Best Completes Each Statement

question 35

Essay

Write the word or phrase that best completes each statement or answers the question.
Solve the problem.
-Michael decides to walk to the mall to do some errands. He leaves home, walks 2 blocks in 10 minutes at aconstant speed, and realizes that he forgot his wallet at home. So Michael runs back in 6 minutes. At home,it takes him 3 minutes to find his wallet and close the door. Michael walks 2 blocks in 10 minutes and thendecides to jog to the mall. It takes him 8 minutes to get to the mall which is 3 blocks away. Draw a graph ofMichaelʹs distance from home (in blocks)as a function of time.

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Definitions:

Economic System

The organized way in which a country allocates resources and distributes goods and services in its society.

Criterion

A principle or standard by which something can be judged or decided.

Efficiency

The optimal allocation of resources to produce goods and services in a way that maximizes output with the least waste or cost.

ATC Curve

A graph showing the average total cost of producing different quantities of a good, illustrating how costs change with output levels.