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What are the similarities between a consumer’s budget constraint and society’s production possibilities frontier, not just graphically but analytically?
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Chapter 2
Choice in a World of Scarcity
Introduction
How Markets Work
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Hey, everyone today ranch in the fourth problem from chapter to the textbook, which asked for the similarities between consumers, budget constraint and societies production possibilities. Frontier, Um, both the graphical and analytical similarities. Let's start with graphical. Actually start with analytical. Some similarities. Um, both the budget constraint and the correction possibilities frontiers. We'll show the constraint that each operates under pretty self explanatory there of the limitation. Essentially, that's one of the similarities. I would say. 2nd 1 is that both showed the trade off. This is where opportunity costs is really involved, actually not suffer it. Um, the tradeoff will read to splash, bringing up opportunity costs. All right, that there on both show a trade off between having more of one good but less of another. But last good, too, but less of a second. Good. Sorry. And then, as I mentioned, a little bit for tradeoff will lead and out of the league. And that was, it believes to a population of opportunity costs, Um, and this is the graphical graphically shown opportunity costs is going to be slow of the constraint. Whether that's the budget constraint or the production possibilities aren't your concern. So There you have it. Those are the similarities. Book analytically, graphically between reduction possibilities, Frontier and the budget in St. If you guys enjoyed my video explanation, Lisa the like next to it. I hope you'll have the next day. Thank you for watching. That's big check, by the way.
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