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1.Give at least 6 real-life scenarios and the corresponding opportunity cost related to: Food, Leisure, and Studies 2. Give real-life scenarios example to EACH of

1.Give at least 6 real-life scenarios and the corresponding opportunity cost related to:

  • Food, Leisure, and Studies

2. Give real-life scenarios example to EACH of the following cost concepts and explain briefly.

  • Fixed Cost
  • Variable Cost
  • Total Cost
  • Average Cost
  • Marginal Cost
  • Sunk Cost
  • Relevant Cost

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