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Economics

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1. Opportunity cost
In addition to direct money costs, what were two of the opportunity costs that affected your decision to study at LCC? (Please answer briefly.)

2. “People make choices based on expected costs and benefits”. (Please answer briefly.)

    a. What were some of the expected benefits that led you to choose to study at LCC?

    b. How has the Covid-19 pandemic changed some of the expected costs and benefits of your choice?

3. “Time is money” (opportunity cost):
If you value your time at €8 per hour, would you prefer to fly to LCC in 2 hours for €100, or take a train to LCC in 10 hours for €20? Explain your answer, using the numbers.

4. Julija can read either 40 pages of economics or 20 pages of psychology in an hour.
When studying, what is Julija’s opportunity cost for reading each page of economics? Explain.