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#cfa #cfa-level-1 #economics #microeconomics #reading-14-demand-and-supply-analysis-consumer-demand #section-4-the-opportunity-set #study-session-4
Consumers must generally purchase goods and services with their limited incomes and at given market prices. Companies, too, must divide their limited input resources in order to produce different products. Investors are not able to choose both high returns and low risk simultaneously.
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4. THE OPPORTUNITY SET: CONSUMPTION, PRODUCTION, AND INVESTMENT CHOICE
other words, we need to explore how to model the constraints on behavior that are imposed by the fact that we live in a world of scarcity: There is simply not enough of everything to satisfy the needs and desires of everyone at a given time. <span>Consumers must generally purchase goods and services with their limited incomes and at given market prices. Companies, too, must divide their limited input resources in order to produce different products. Investors are not able to choose both high returns and low risk simultaneously. Choices must be made, and here we examine how to represent the set of choices from which to choose. 4.1. The Budget Constraint Previously, we examined w


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