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Unformatted text preview: ECO 108 Spring 2008 Daniel Wolman Recitation 2 Write the answer to your group question neatly on paper with all participating group member names and IDs on top. Remember, groups must be either 3 or 4 students. 1. Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some of the opportunity costs associated with the decision, paying particular attention to the tradeoffs between present and future consumption. (a) After a stressful senior year in high school, Sherice decides to take the summer off instead of working before going to college. (b) Frank is overweight and decides to work out every day and to go on a diet. (c) Mei is very diligent about taking her car in for routine maintenance, even though it takes 2 hours of her time and costs $100 four times each year. (d) Jim is in a big hurry. He runs a red light on the way to work 2. Answer the following about marginal versus average: (a) Selwyn signed up with an internet provider for a fixed fee of $19.95(a) Selwyn signed up with an internet provider for a fixed fee of $19....
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- Spring '08
- Economics, Average cost, Group member names, Marginal Cost Average, marginal versus average