Daniel has $50 left over this week and he wants to contribute to a charitable cause. With $5, Daniel can feed one homeless person one meal. With $10, he can provide shelter for one homeless person one night. In the light of the aforementioned situation, explain the principle of opportunity cost and infer the OC if Daniel used all his money to shelter homeless people?In order to consume an additional unit of a commodity, a consumer has to sacrifice units of another commodity. However, the consumer is willing to give up fewer units to consume these additional units in every successive combination.Infer and explain the approach highlighted above with the help of schedule. Also explain its impact on the shape and slope of Indifference Curve.An individual might buy a certain type of chocolate for a while. Soon, they may buy less and choose another type of chocolate or buy cookies instead because the satisfaction they were initially getting from the chocolate is diminishing.In the light of the aforementioned concept, explain the concept and assumptions of Law of DMU along with schedule and TU and MU curve.
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