An Introduction to Economics for Students of Agriculture by B. Hill

By B. Hill

The second one version of this introductory textual content, for college kids of agriculture, has been completely up to date. The addition of a bankruptcy on executive coverage and agriculture acquaints scholars with the elements of the coverage method which has made such an impression during this zone. The balanced textual content describes common fiscal rules illustrated basically through examples drawn from farming and the foodstuff undefined. on the finish of every bankruptcy is an workout applying the previous fabric, and of completion of those routines types an essential component of the educating functionality of this article. prolonged solutions to the questions posed within the routines, a listing of essay questions, and recommended extra examining are given on the finish of the booklet

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If we assume that the income of the consumer is £10 per week and that milk costs £1 per litre and beer costs £2 per litre,* the budget line can be drawn by connecting the quantities on each axis that can be purchased for £10. Thus, this line connects 10 litres of milk to 5 litres of beer because these are the quantities of goods which could be purchased weekly if all his money were spent on one good or the other. In addition, any combination of beer and milk lying on this line could be bought by the consumer.

If a consumer is attempting to maximise the satisfaction he can get from his expenditure, he will always tend to adjust his purchases so that the last penny spent in any direction yields the same satisfaction. He will then achieve the greatest amount of satisfaction in total which can be attained with his level of expenditure. This is an example of the Principle of Equimarginal Returns which is encountered in many branches of economics, as will become evident from later chapters. Where goods cannot be easily broken down and bought by the pennyworth, it can be shown (in the Appendix to this section) that a consumer achieves maximum satisfaction from his expenditure when the ratio of the marginal utilities of the last unit of each good is the same as the ratio of their prices.

Because of this convention, the MRS of goods at any point on an indifference curve is numerically the same as the slope of the curve. The slope of the indifference curve, and hence the MRS, declines as we move along the horizontal axis away from the origin. To be more mathematically precise, the slope (and MRS) should be said to increase as we move away from the origin along the horizontal axis. This is because the slope (and MRS) is a negative quantity and a figure of - 5, which might be found near the origin, is mathematically a smaller quantity than a figure of - 1, which might be found further from the origin.

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An Introduction to Economics for Students of Agriculture by B. Hill
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