Question: Find an article, paper, or video which provides a real world application of that concept.Provide a weblink so that others in the class can view the article. Discuss which concept is being covered and how it applies to real world economics.Here are some of the key concepts to choose from:
- Marginal Utility
- Consumer Equilibrium
- Income Effect
- Substitution Effect
- Explicit Costs
- Implicit Costs
- Economic Profit
- Law of Diminishing Returns
- Economies of Scale
- Diseconomies of Scale