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ECON 2210 (30)
M.Yu (30)
Lecture

Cost.docx

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Department
Economics
Course
ECON 2210
Professor
M.Yu
Semester
Fall

Description
Cost - The concept of cost is one of the most important and valuable ideas in economics, yet the profession has done such a bad job the public is confused with what cost means - “What you pay for something” is historical cost - Historical cost is irrelevant in measuring actual cost - Economists refer to cost as opportunity cost - Opportunity cost is the value of the next best alternative, often independent of historical cost - Opportunity cost always refer to an action o Actions imply that there is a forgone alternative, therefore a cost o No choice or action taken means no cost
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