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Ecconomics for the global manager

Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within your local area.

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To explain the tradeoffs, let us take the following example.

Let us take a scenario of a local restaurant in a suburban area of New York City which has to take the decision of either serving Chinese or Mexican Cuisine. This restaurant can utilize Micro-Economic concepts related to supply and demand of both the cuisines in the area. If there is significantly high ...

Solution Summary

Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/service within your local area.

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