Economics: Marginal Benefit & Budget Constraint

 

*** 
Note: The reduction of four candies and an increase of 3 chocolate bars is not simple math (subtraction and addition), it has to do with the raw materials such as sugar used to produced chocolate bars and candies. Since, more sugar and other raw materials may be required to produce a chocolate bar, the reduction of 4 candies only yields 3 chocolate bars as a substitute product on the production possibilities frontier.
***

Relevant Background: "Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.." (Shapiro et al., 2022)


References: 

Shapiro, D., Macdonald, D., & Greenlaw, S. A. (2022). Principles of Microeconomics 3e (3rd ed.). Open Stax. https://openstax.org/details/books/principles-microeconomics-3e

** 

Comments

Post a Comment

Popular posts from this blog

Microeconomics: Economy & Diseconomy Of Scale

Image
  **  Relevant Background : "Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.." (Shapiro et al., 2022) References:  Shapiro, D., Macdonald, D., & Greenlaw, S. A. (2022).  Principles of Microeconomics 3e  (3rd ed.). Open Stax.  https://openstax.org/details/books/principles-microeconomics-3e **  More Resources :  App: https://deal-nexus-ptlb0142.replit.app/ App Support Site: https://tekk-savvy.com Book: https://www.amazon.com/dp/B08835PX1P 3D Print Shop: https://www.shapeways.com/shops/tekksavvy Blog: https://jotformk.wixsite.com/ncyclopedia Hand Made Products Shop: https://www.etsy.com/ca/shop/Tekksavvy Blogger: https://www.blogger.com/profile/07524401563605547321 Shopify shop: https://tekks-shop.myshopify.com Ringtones: https://www.zedge.net/profiles/357e11a5-25fb-4415-9a6a-7da2239c2aba/ringtones Beats: https://airbit.com/share/Tekksavvy/bull-market-mp3 Excel Template...
Read more

Microeconomics: Perfect Competition

Image
  ***  Relevant Background : "Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.." (Shapiro et al., 2022) References:  Shapiro, D., Macdonald, D., & Greenlaw, S. A. (2022).  Principles of Microeconomics 3e  (3rd ed.). Open Stax.  https://openstax.org/details/books/principles-microeconomics-3e **  More Resources :  App: https://deal-nexus-ptlb0142.replit.app/ App Support Site: https://tekk-savvy.com Book: https://www.amazon.com/dp/B08835PX1P 3D Print Shop: https://www.shapeways.com/shops/tekksavvy Blog: https://jotformk.wixsite.com/ncyclopedia Hand Made Products Shop: https://www.etsy.com/ca/shop/Tekksavvy Blogger: https://www.blogger.com/profile/07524401563605547321 Shopify shop: https://tekks-shop.myshopify.com Ringtones: https://www.zedge.net/profiles/357e11a5-25fb-4415-9a6a-7da2239c2aba/ringtones Beats: https://airbit.com/share/Tekksavvy/bull-market-mp3 Excel Templat...
Read more

Microeconomics: Utility Maximization Rule & Consumer Equilibrium

Image
  **  Relevant Background : "Microeconomics focuses on the actions of individual agents within the economy, like households, workers, and businesses.." (Shapiro et al., 2022) References:  Shapiro, D., Macdonald, D., & Greenlaw, S. A. (2022).  Principles of Microeconomics 3e  (3rd ed.). Open Stax.  https://openstax.org/details/books/principles-microeconomics-3e **  More Resources :  App: https://deal-nexus-ptlb0142.replit.app/ App Support Site: https://tekk-savvy.com Book: https://www.amazon.com/dp/B08835PX1P 3D Print Shop: https://www.shapeways.com/shops/tekksavvy Blog: https://jotformk.wixsite.com/ncyclopedia Hand Made Products Shop: https://www.etsy.com/ca/shop/Tekksavvy Blogger: https://www.blogger.com/profile/07524401563605547321 Shopify shop: https://tekks-shop.myshopify.com Ringtones: https://www.zedge.net/profiles/357e11a5-25fb-4415-9a6a-7da2239c2aba/ringtones Beats: https://airbit.com/share/Tekksavvy/bull-market-mp3 Excel Template...
Read more