Chapter 1: Preliminaries. What is microeconomic theory? Micro theory is about the allocation of scarce resources with a focus on individual economic units like consumers and firms. It focuses on trade-offs or opportunity costs.
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Nominal price of college education = $15,212 in 1993.
Use: Nom P ’93 * (CPI85/CPI93)
$15,212 * (107.6/144.0) = $11.366.74.
1977 nomP * (CPI70 / CPI77) =
$0.58 * (38.8 / 60.6) =
1989 nomP * (CPI70 / CPI89) =
$1.10 * (38.8/124.0) =