Econ 103 Chapter 3 notes
- Substitution = everyone is willing to trade some amount of one good for some amount
of the other.
- Substitution is an act of will.
- Substitution doesn't say how much one is willing to sacrifice of one good for another.
- There is a relationship between what someone is willing to pay and what he is able to
- Everyone has a price, even for their life. If giving up your life means your child would
live, a lot of people would make that t