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1. Define economics. Explain briefly how the eco- nomic way of thinking-in terms of rational. self- interested people responding to incentives-is involved in each of

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1. Define economics. Explain briefly how the eco- nomic way of thinking-in terms of rational. self- interested people responding to incentives-is involved in each of the following situations. a. A student deciding whether to purchase a text- book for a particular class b. Government officials seeking more funding for mass transit through higher mixes c. A municipality taxing hotel guests to obtain funding for a new sports saidrum

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