A Basic Analysis Of The Balkan Economy In Relation To The E.U.
This is the first 1,000 characters of 10961 words (43.84 pages) in the essay titled A Basic Analysis Of The Balkan Economy In Relation To The E.U.
|A Basic Analysis Of The Balkan Economy In Relation To The E.U.
I think that it is right to begin with the Theory of consumer choice. The above consumer has expressed his preference of choice. He has a taste for seafood which he prefers above all other types of food. This does not mean that he only eats seafood, but in line with the last two elements of the theory of consumer choice, he has shown his preference for taste and on that assumption, will do the best that he can for himself to consume as much seafood as he can. The elements of the theory which govern exactly how much seafood he will consume are the first two, namely the consumer’s income and the price of seafood.
We can assume therefore, that the consumer will devote as much of his budgeted income for food, to as much seafood as he can afford in preference to other foods such as hamburgers.
A budget line can be drawn up to show a trade off between say, fish suppers and hamburgers to indicate the combinations of fish s...
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