Budget Constraint, Opportunity Cost, & Law of Diminishing Marginal Utility

This macroeconomics video tutorial provides a basic introduction into budget constraint, opportunity cost, and the law of diminishing marginal utility. The opportunity cost represents the slope of the budget constraint line which can also be calculated by dividing the relative prices of the two goods.

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[trophyy]

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I’m form 3 and our Econ teacher taught us opportunity cost in the first half year. I was confused at that time, but now I get it. Thank you very much! Also, I never realises that I will learn when i get older, I can’t wait to learn them with my best friend!

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[joblualandrea]

solve this question
a student meal and a magazine cost 12 dollars,
the price of a meal is 2dollars and the price of magazine is 4 dollar.
You are required to calculate:
a] list the comination of the meal and magazine a student can afford?
b} draw the of the student budgetline?

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