Slide 1 Slide 2 Standards covered: 3 - E1.0.1:Explain how scarcity, opportunity costs, and choices affect what is produced and consumed in Michigan. 3 - E1.0.2:Identify incentives…
Slide 1Allocation Between the Household and the Labor Market The Indifference Curve Substitution in Consumption vs. Production Slide 2 Rational Consumer Notation P – Preferred…