From: owner-ammf-digest@smoe.org (alt.music.moxy-fruvous digest) To: ammf-digest@smoe.org Subject: alt.music.moxy-fruvous digest V14 #5268 Reply-To: ammf@fruvous.com Sender: owner-ammf-digest@smoe.org Errors-To: owner-ammf-digest@smoe.org Precedence: bulk alt.music.moxy-fruvous digest Friday, November 6 2020 Volume 14 : Number 5268 Today's Subjects: ----------------- Turn Your Idea into a Product - It's Your Moment! ["**Invention Ideas**" ] ---------------------------------------------------------------------- Date: Fri, 6 Nov 2020 04:57:40 -0500 From: "**Invention Ideas**" Subject: Turn Your Idea into a Product - It's Your Moment! Turn Your Idea into a Product - It's Your Moment! http://growpro.live/TayUSFJyvBTyJ7A4YwjzI_qqzADshwvAtVVBrHKwbPElfCXr http://growpro.live/MISlvXSWj-Wl5tqgum-qRdHZ851jbJwL716JhGVTelk9Vqpt Opportunity costs can tell when not to do something as well as when to do something. For example, one may like waffles, but like chocolate even more. If someone offers only waffles, one would take it. But if offered waffles or chocolate, one would take the chocolate. The opportunity cost of eating waffles is sacrificing the chance to eat chocolate. Because the cost of not eating the chocolate is higher than the benefits of eating the waffles, it makes no sense to choose waffles. Of course, if one chooses chocolate, they are still faced with the opportunity cost of giving up having waffles. But one is willing to do that because the waffle's opportunity cost is lower than the benefits of the chocolate. Opportunity costs are unavoidable constraints on behaviour because one has to decide what's best and give up the next-best alternative. Price Theory Main article: Price Theory Price theory is a field of economics that uses the supply and demand framework to explain and predict human behavior. It is associated with the Chicago School of Economics. Price theory studies competitive equilibrium in markets to yield testable hypotheses that can be rejected. Price theory is not the same as microeconomics. Strategic behavior, such as the interactions among sellers in a market where they are few, is a significant part of microeconomics but is not emphasized in price theory. Price theorists focus on competition believing it to be a reasonable description of most markets that leaves room to study additional aspects of tastes and technology. As a result, price theory tends to use less game theory than microeconomics does. Price theory focuses on how agents respond to prices, but its framework can be applied to a wide variety of socioeconomic issues that might not seem to involve prices at first glance. Price theorists have influenced several other fields including developing public choice theory and law and economics. Price theory has been applied to issues previously thought of as outside the purview of economics such as criminal justice, marriage, and addiction. ------------------------------ End of alt.music.moxy-fruvous digest V14 #5268 **********************************************