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Opportunity cost

In this column, Peter Smith introduces some key economic concepts that you will meet in the early weeks of your course

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I magine that it is 6.30 p.m. on a Wednesday evening in June. In the afternoon you sat the first of your AS module exams, so you are feeling pretty tired. You have the following day free, but you have another exam on the Friday — it is maths, which is the exam that worries you the most. A friend texts you suggesting that you chill out this evening and meet up. Do you:

(a) knuckle down to maths revision, knowing that you need to put in as much work as possible?

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Previous

Economics of the health sector

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Price discrimination: university tuition fees

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