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| budget line |
Raging |
03/10/04 |
hi again sir, i'm not entirely sure what the interpretation of the slope of the budget line is, is it that the amount of one good a consumer is willing to give up when compensated by enough of the other good to keep the consumer on the same level of satisfaction, or the maximum level of satisfaction for one consumer, or the diminishing marginal rate of substitution or the opportunity cost of one good in terms of the other, please clarify sir.
thank you.
Dear Raging,
I would like you to have a good study of the
128 slides available on the following site:-
http://www.econ.rochester.edu/eco108/ch10/micro10/sld001.htm
I hope you find this helpful.
Best regards,
ROLCAM.
now i came to the conlcusion that a budget line is interpreted in economics as the opportunity cost of one good in terms of the other, is this correct?
thank you.
Dear Raging,
I would like you to have a good study of the
128 slides available on the following site:-
http://www.econ.rochester.edu/eco108/ch10/micro10/sld001.htm
I hope you find this helpful.
Best regards,
ROLCAM.
now i came to the conlcusion that a budget line is interpreted in economics as the opportunity cost of one good in terms of the other, is this correct? |
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