HOMEWORK 1 - HOMEWORK 1. CHAPTERS 1 AND 2. TYPE YOUR...

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HOMEWORK 1. CHAPTERS 1 AND 2. TYPE YOUR HOMEWORK STAPLE YOUR HOMEWORK DO NOT EXCEED ONE PARAGRAPH IN EACH OF YOUR ANSWERS FOR QUESTIONS 1, 2, 3 and 4. 1. Describe a situation in which you illustrate the concept of opportunity cost. Make sure that your example is different from those discussed in class, the text, or the study guide. Opportunity cost is what we must give up in order to use our limited resources for some other purpose. The opportunity cost also exists within the decision we make to use our resources to produce our desired results. If the desired result is to learn the basics of Micoeconomics, some time must be spent memorizing new course material and sometime must be spent conceptualizing the course concepts. The opportunity cost of thinking over and trying to more deeply understand the concepts is the loss in time spent learning new concepts. Here we note that time and individual capability for learning new material 2. Explain the opportunity cost when you decide to go to graduate school instead of taking a job with your bachelor degree. With the upcoming downturn of the American economy many people expect that
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This note was uploaded on 04/08/2008 for the course ECON 120 taught by Professor Serpa during the Spring '08 term at Ill. Chicago.

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HOMEWORK 1 - HOMEWORK 1. CHAPTERS 1 AND 2. TYPE YOUR...

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