The Amount of Clover on a Lawn Grows Exponentially at a Rate

question 98

Multiple Choice

The amount of clover on a lawn grows exponentially at a rate of j₂₄(compounded twice a month) such that it doubles every 6-months.If there are 5000 pieces of clover in your lawn today,how many did you have 4-months ago? (Answer to the nearest piece of clover)

• A)1984
• B)3150
• C)3333
• D)3969

Distinguish between the effects of technological advances and resource costs on supply.

Recognize the impact of natural disasters on supply and demand.

Explain the concept of opportunity cost and its importance in economic decision-making.

Describe how changes in supply and demand affect market equilibrium and producer surplus.

---

Definitions:

Golf Courses

Facilities equipped with a series of holes, landscapes, and obstacles designed for the game of golf, where individuals can play rounds of golf.

Movie Theaters

Places where films are shown publicly for entertainment, typically featuring large screens and a ticket-based entry.

Normal Goods

Goods for which demand increases as the income of consumers increases, and falls when income decreases.

Income Elasticity of Demand

An indicator showing the responsiveness of the amount of a product that customers want to buy to variations in their income levels.