Steve has two choices for taking classes. Each is three credits and meets three hours a week, so we assume they have equal monetary costs. If Steve chooses to take a modern dance class instead of an economics class, it must be that for Steve the opportunity cost of taking a modern dance class exceeds the opportunity cost of taking an economics class.
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Q1: John is maximizing utility when consuming two
Q3: When the ratios of the marginal utility
Q4: To calculate the total utility of consuming
Q5: If you sign up for a class
Q6: According to the principle of rational choice,
Q7: The following table lists the utility
Q8: The underlying psychological foundation of individual choice
Q9: John is maximizing utility by choosing to
Q10: The total satisfaction one gets from one's
Q11: The consumption of an additional unit of
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