Unit 1: Economics and Globalization
Lesson 1c: Making Choices - The Production Possibilities Curve (PPC) and Benefit-Cost Analysis
Key Formulas
MB = MC
MB = change in Total Benefits / change in Quantity
MB =
TB /
Q
MC = change in Total Costs / change in Quantity
MC =
TC /
Q
Notice that I will use a triangle (
) to mean "change in"
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Lesson 1c