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Scarcity choice and opportunity costs
Introduction to the price and market system
An introductory analysis
9 other sections not shown
average cost average fixed costs average total costs average variable costs basic beans budget line combination concept constant consumer costs of production crops decisions decline decreases demand curve developing nations diagram diminishing marginal effect efficiency elasticity equals marginal example factors of production farmer given price happens illustrate incentive income increase indifference curve inelastic interest rate isocost isoquant Kenya land less level of output long-run maize marginal cost marginal physical product marginal product marginal revenue marginal utility market system monopolist monopoly Note opportunity cost panel perfect competition price and market price and quantity production function production-possibilities frontier purchase pure competition quantity demanded Quantity Figure referred relationship relative returns to scale rise shift short run shown in Figure slope substitution supply curve tangent total revenue curve total variable cost unit of chicken unit of input units of beef variable input wage