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Introduction To Micro-Economics




Economics is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.

There are many reasons to study economics, including
1.To learn a way of thinking
2.To understand society
3.To understand global affairs
4.To be an informed voter

Economics has three fundamental concepts:
a. Opportunity cost,
b. Marginalism, and
c. Efficient markets.

a. Opportunity cost is the best alternative that we forgo, or give up, when we make a choice or a decision.

b.Marginalism and Sunk Costs: Suppose, for example, that you live in New Delhi and that you are weighing the costs and benefits of visiting your mother in Vashi. If business required that you travel to Mumbai, the cost of visiting mom would be only the additional, or marginal, time and money cost of getting to Vashi from Mumbai.

Example: For an airplane which is about to take off with empty seats, the marginal cost (the cost of producing......


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Approximate Word Count: 2162
Approximate Pages: 9 (250 words per double-spaced page)

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