2009-12-20

Daily Economics

Economics of scale - make a bowl of steamed egg pudding cost half an hour, but making ten bowls of pudding cost only 1 hour.

External effects - the fortune bus of the casions offer free ride to their guests, some residents can enjoy the free transportation to certain destinations.

Marginal cost-10 dollars to get five oranges, after paying 10 dollars, the old lady asked to get one more organge by paying 1 dollar, the additional orange's cost = the marginal cost = 1 dollar, not the original 2 dollars/organge.

Opportunity cost - have a nice dinner but miss the beautiful firework.

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A tiny dust in the universe.