Introductory Microeconomics

Introductory Microeconomics

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X-axis shows Use-1 and Y-axis shows Use-2 of a given set of resources. ... If resources are employed in Use-1 (as it should be) the opportunity cost = ` 5, 000 [ the value of the factor(s) in its next ... Study the following illustration carefully for a precise comprehension of the concept. ... Production of X Production of Y Marginal Opportunity Cost 0 10, 000 a€” 1 9, 000 To produce 1 unit of X, 1, 000 units of Y are to be given up. ... 17 Economics, Economy and Central Problems of an Economy.

Title:Introductory Microeconomics
Author: T. R. Jain, VK Ohri
Publisher:VK Global Publications - 2014-05-30

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