Use the principle of mathematical induction to show that P(n) is true for n = b, b + 1, b + 2,…, where b is an integer, if P(b) is true and the conditional statement P(k) → P(k + 1) is true for all integers k with k ≥ b.

THINKING LIKE AN ECONOMIST ● economics = the study of how people make choices under conditions of scarcity and of the results of those choices on society ● scarcity makes trade offs necessary ● the scarcity principle = (no-free-lunch principle) although we have boundless needs and wants, the resources are limited ○ having more of one good thing means having less of...