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What alternatives did you consider?
- Give an example of how the Principle of Opportunity Cost applies to your life. Think of a recent decision you made. It could be a decision as simple as whether to eat out or cook your own dinner, or it could be a decision to quit your job and go back to school.
- What alternatives did you consider?
- How did you arrive at your final decision?
- Did you implicitly weigh marginal cost and marginal benefit?
- How does the concept of opportunity cost apply to production possibilities curve (PPC) analysis?
- How can we use PPC analysis to examine what we do?