What concepts from the course are applicable to your personal life? Name and describe at least one economic concept that you consider to be an important takeaway from this course. Explain why, and describe how you plan to apply it.
the concepts like law of demand, theory of diminishing marginal and equimarginal utility, the indifference curve technique and the reveled preference theory are very common and are applicable to the general life of people. if i have to name one that is most relevant then it would be equimarginal utility concept. it explains very well how a consumer can maintain balance between its choices and maxmise the utility. if i have like maintain balance between work, study and playing then i will compare the price or cost of it(it can be physical or monetary) to the satisfaction i get from each. where the last rupee spent or we can say the cost is equalise with the gain i will stop consuming that thing. this way utility will be maximised.
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