Final answer:
To solve for the price of a cheeseburger (C) and soda pop (S), create a system of equations: C + S = 5.25 and C = 2S + 0.75. This system represents the cost relationships and can be solved to find the individual prices.
Step-by-step explanation:
To model the price of a cheeseburger and the price of a soda pop, we can establish a system of equations based on the information given:
- A cheeseburger and a soda pop together cost $5.25.
- The price of a cheeseburger is $.75 more than twice the price of a soda pop.
Using variables to represent the price of a cheeseburger (C) and a soda pop (S), we can write the following equations:
- C + S = 5.25
- C = 2S + 0.75
This system of equations can be used to solve for the individual prices of a cheeseburger and a soda pop.
To find opportunity cost, however, economists think about the trade-offs between goods. In other words, how much of one good must be given up to obtain more of another good within the constraints of a budget.