Principles Of Economics Asia-pacific — Edition
A year later, Linh opened a second shop near the new metro line (a government infrastructure project financed by ADB loans). She hired four workers. Their wages contributed to Vietnam’s GDP via consumption and investment. When a journalist asked how she succeeded, Linh pulled out her dog-eared copy of Economics: Asia-Pacific Edition and said: "My grandmother taught me pho. This book taught me to see the invisible hand."
When a typhoon damaged the cinnamon crop in the Central Highlands, cinnamon prices tripled. Linh’s pho spice mix cost more. She worried: if she raised the price, would customers leave? She tested a 5,000 VND increase. Sales dropped only 2%. Demand was inelastic —workers needed quick, hot breakfast. She passed most of the cost to consumers. principles of economics asia-pacific edition
But Linh had just finished a microeconomics unit in her university course using the Asia-Pacific Edition . She saw her grandmother’s cart not as tradition, but as a model of and opportunity cost . A year later, Linh opened a second shop
A new factory opened in the industrial park near Bình Dương, bringing 2,000 workers who commuted past Linh’s street. Demand for breakfast increased —the demand curve shifted right. Linh raised the price from 35,000 VND to 40,000 VND. At the higher price, she could justify the second pot (lower opportunity cost because revenue per bowl was higher). Quantity supplied increased to 110 bowls. Equilibrium moved. When a journalist asked how she succeeded, Linh
A year later, Linh opened a second shop near the new metro line (a government infrastructure project financed by ADB loans). She hired four workers. Their wages contributed to Vietnam’s GDP via consumption and investment. When a journalist asked how she succeeded, Linh pulled out her dog-eared copy of Economics: Asia-Pacific Edition and said: "My grandmother taught me pho. This book taught me to see the invisible hand."
When a typhoon damaged the cinnamon crop in the Central Highlands, cinnamon prices tripled. Linh’s pho spice mix cost more. She worried: if she raised the price, would customers leave? She tested a 5,000 VND increase. Sales dropped only 2%. Demand was inelastic —workers needed quick, hot breakfast. She passed most of the cost to consumers.
But Linh had just finished a microeconomics unit in her university course using the Asia-Pacific Edition . She saw her grandmother’s cart not as tradition, but as a model of and opportunity cost .
A new factory opened in the industrial park near Bình Dương, bringing 2,000 workers who commuted past Linh’s street. Demand for breakfast increased —the demand curve shifted right. Linh raised the price from 35,000 VND to 40,000 VND. At the higher price, she could justify the second pot (lower opportunity cost because revenue per bowl was higher). Quantity supplied increased to 110 bowls. Equilibrium moved.