Limits, Alternatives, and Choices
Document Details
Uploaded by GratifyingArtNouveau8702
2012
Tags
Summary
This textbook excerpt covers fundamental economic concepts, including limits, alternatives, and choices. It introduces the economic perspective, scarcity, choice, and marginal analysis. The text also discusses microeconomics, macroeconomics, and positive and normative economics, along with individual and societal economizing problems.
Full Transcript
Example Opportunity cost measurement: Eg. From A to B OC = change of IR/change of P = 9-10/1-0= -1 Eg. From B to C OC = change of IR/change of P = 7-9/2-1= -2 ……so on Allocative vs Productive efficiencies
Example Opportunity cost measurement: Eg. From A to B OC = change of IR/change of P = 9-10/1-0= -1 Eg. From B to C OC = change of IR/change of P = 7-9/2-1= -2 ……so on Allocative vs Productive efficiencies
