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Econ 102 Day2 8-29-13.docx

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Department
Economics
Course
ECON 102
Professor
Vasquez
Semester
Fall

Description
Econ 102 Second Class: 8­29­13 Key Principles: • The opportunity cost principle: o The value of the lesser alternative o Nothing is free in life, everything has a cost • Sarah was choosing between three alternatives: working on her job that pays her  $60; writing a term paper which she values at $40; or going out with a friend,  which she values at $80. The opportunity cost of writing the term is:  o $80­ Giving up going out with her friends (which has higher value than  writing a term paper). Can only do one thing at a time • Net Marginal Benefits Principle: Only make an action when the marginal benefits  exceed the marginal cost o Make decisions based o
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