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Question (15 marks) The 4 core principles of Economics for making decisions are: 1.The Cost-Benefit Principle 2.The Opportunity Cost Principle 3.The Marginal Principle 4.The Interdependence
Question (15 marks)
The 4 core principles of Economics for making decisions are:
1.The Cost-Benefit Principle
2.The Opportunity Cost Principle
3.The Marginal Principle
4.The Interdependence Principle
Demonstrate the application of each of these 4 core principles to the following contexts.
1.Decisions by buyers(4 marks)
2.Decisions by sellers, and(4 marks)
3.Market equilibrium. (7 marks)
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