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Identify the basic principles of economics and explain how an economist thinks about cost.

Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $175 to see a concert. You can either see “Y4” or you can see “Bread N’ Butter”. Assume that you value Y4’s concert at $250 and Bread N’ Butter’s concert at $175. Both concerts cost $175 per ticket, […]

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