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Assignment 1 Principles of Microeconomics 2e Chapters 1 & 2 Read chapter 1 & sections 2.1 and 2.2 Homework: Read the article and answer the

Assignment 1

Principles of Microeconomics 2e

Chapters 1 & 2 Read chapter 1 & sections 2.1 and 2.2 Homework:

Read the article and answer the following questions: https://www.stlouisfed.org/open-vault/2020/january/real-life-examples-opportunity-cost

1, how does Andrea Caceres-Santamaria define opportunity cost?

2, How does scarcity relate to opportunity cost?

3, Describe what is meant by implicit alternatives. Provide two examples of opportunity cost (your own, not from the article or the book)

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