opportunity cost | ECOPOINT

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Ricardian Model 9. Opportunity costs and gains from trade example 2

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In the following videos, we look at some basic concepts related to Budget line. In the first video, we distinguish between budget set and budget line and provide an economic intuition for slope of the budget line.

Then we try to look how budget line shifts if price of one of the commodity changes or if income of the consumer changes or there is a tax or subsidy on any one commodity or there is a rationing of any one product. These applications help us to understand how budget line shifts or rotates in different scenarios. Continue reading →