https://nandinfinitum.com/tags/economics/ Recent content in Economics on nand infinitum https://nandinfinitum.com/%3Clink%20or%20path%20of%20image%20for%20opengraph,%20twitter-cards%3E https://nandinfinitum.com/%3Clink%20or%20path%20of%20image%20for%20opengraph,%20twitter-cards%3E Hugo -- 0.125.7 en Sun, 04 Jan 2026 11:30:03 +0000 https://nandinfinitum.com/posts/mru-microeconomics-notes/ Sun, 04 Jan 2026 11:30:03 +0000 https://nandinfinitum.com/posts/mru-microeconomics-notes/ Intro to microeconomics Economics is the study of choices under scarcity Opportunity cost: value of the next best alternative An individual’s opportunity cost increases when the next best alternative becomes more valuable. Marginal means a little bit more/less in economics the word “marginal” means the derivative or slope of a curve If you think at the margin, you are thinking about what the next or additional action means for you. Thinking on the margin can help you find an answer to an otherwise difficult question Marginal Cost (MC): The additional cost incurred from producing one more unit of a good or service.