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Three trade-offs within a specific good/service

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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.

Note: This scenero doesn't need a broad answer. Very basic, just give an example of a good/service and elaborate from there in a micro and macroeconomic view.

Resources:

Perloff, J. M. (2004). Microeconomics (3rd ed.). New York City, NY: Pearson Addison Wesley.

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Three trade-offs within a specific good/service to be produced

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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 Chinese population as compared to Mexican ...

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Sandeep Bardia, MBA
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  • MBA, Rochester Institute of Technology
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