Economic Foundation for Consumers

Tuesday July 26, 2022

Economic Foundation for Consumers

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February 26, 2017

Read the detailed case study in the textbook Chapter 1. Use the economics concepts learned in Chapter one to answer the following questions:

(Note: One of the concepts you’ve learned and will be using for this question is the opportunity cost. I am glad to see from your discussions that many of you understand the concept: it’s the value of the (second best) alternative choice you have to give up. For the opportunity costs of college education, many of you correctly identified them as the costs of time you would have been able to spend on working, taking care of family, etc. Remember, this is different from and on top of the direct costs, which nomarly include tuitions, rooms, textbooks, etc. that you directly paid.)

1. What do you think about John’s decision to save money by fixing the car by himself?

2. What do you think about John’s comment on gasoline price?

3. What do you think about Maya’s plan to reduce their budget on gasoline?

The essay should be 200-250 words.

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