Match the scenarios with the economic concepts they illustrate. Positive externality substitution effect negative externality income effect The rising price of gold causes people to buy silver jewelry instead. ArrowBoth When the price of chicken increases, families reduce their chicken intake substantially. ArrowBoth A new factory in a village provides livelihoods for the villagers. ArrowBoth A new factory in a village causes noise pollution. ArrowBoth.

Mandalay hotel bases its budgets on guest-days. the hotel's static budget for august appears below: budgeted number of guest-days 4,300 budgeted variable costs: supplies (@$9.60 per guest-day) $ 41,280 laundry (@$9.40 per guest-day) 40,420 total variable cost 81,700 budgeted fixed costs: wages and salaries 57,190 occupancy costs 52,030 total fixed cost 109,220 total cost $ 190,920 the total cost at the activity level of 5,200 guest-days per month should be: