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- https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/5%3A_Consumer_Choice_and_Utility/5.2%3A_Theory_of_Consumer_ChoiceBudget constraints represent the plausible combinations of products and services a buyer can purchase with the available capital on hand.
- https://socialsci.libretexts.org/Courses/Prince_Georges_Community_College/ECN-1050%3A_Principles_of_Microeconomics/02%3A_Choice_in_a_World_of_Scarcity/2.02%3A_How_Individuals_Make_Choices_Based_on_Their_Budget_ConstraintSecond, the slope is defined as the price of bus tickets (whatever is on the horizontal axis in the graph) divided by the price of burgers (whatever is on the vertical axis), in this case $0.50/$2 = 0...Second, the slope is defined as the price of bus tickets (whatever is on the horizontal axis in the graph) divided by the price of burgers (whatever is on the vertical axis), in this case $0.50/$2 = 0.25. The budget constraint framework helps to emphasize that most choices in the real world are not about getting all of one thing or all of another; that is, they are not about choosing either the point at one end of the budget constraint or else the point all the way at the other end.
- https://socialsci.libretexts.org/Bookshelves/Economics/Managerial_Economics_Principles_(LibreTexts)/03%3A_Demand_and_Pricing/3.01%3A_Theory_of_the_ConsumerPreviously, we used a demand curve to represent the relationship between the price charged for ice cream bars and the maximum number of ice cream bars that customers would purchase. We will address ho...Previously, we used a demand curve to represent the relationship between the price charged for ice cream bars and the maximum number of ice cream bars that customers would purchase. We will address how to create a demand curve later in this chapter, but we will begin our discussion with a brief review of microeconomic theory that endeavors to explain how consumers behave.
- https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/5%3A_Consumer_Choice_and_Utility/5.1%3A_The_Demand_Curve_and_UtilityUtility is an economic measure of how valuable, or useful, a good or service is to a consumer.
- https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/1%3A_Principles_of_Economics/1.3%3A_Interaction_of_Individuals_Firms_and_SocietiesFirms allow an economy to operate more efficiently and reduce the transaction costs of coordinating production.
- https://socialsci.libretexts.org/Bookshelves/Economics/Principles_of_Macroeconomics_3e_(OpenStax)/02%3A_Choice_in_a_World_of_Scarcity/2.02%3A_How_Individuals_Make_Choices_Based_on_Their_Budget_ConstraintSecond, we define the slope as the price of bus tickets (whatever is on the horizontal axis in the graph) divided by the price of burgers (whatever is on the vertical axis), in this case $0.50/$2 = 0....Second, we define the slope as the price of bus tickets (whatever is on the horizontal axis in the graph) divided by the price of burgers (whatever is on the vertical axis), in this case $0.50/$2 = 0.25. The budget constraint framework helps to emphasize that most choices in the real world are not about getting all of one thing or all of another; that is, they are not about choosing either the point at one end of the budget constraint or else the point all the way at the other end.
- https://socialsci.libretexts.org/Bookshelves/Economics/Economics_(Boundless)/4%3A_Economic_Surplus/4.1%3A_Consumer_SurplusIn general as the price of a good increases, the quantity demanded of that good decreases.
