Marginal analysis
Economic decisions are taken in a marginal way, which means that decisions to produce,…
Interpreting PPFs
Firstly, we can describe the opportunity cost to Mythica of producing a given output of computers…
Production possibility frontiers
An opportunity cost will usually arise whenever an economic agent chooses between…
Samuelson’s three questions
America’s first Nobel Prize winner for economics, the late Paul Samuelson, is often…
Choice and opportunity cost
Choice and opportunity cost are two fundamental concepts in economics. Given that resources are limited,…
