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Situation: Imagine that you were on a class field trip for three days. Your mom sent you a pocket money of Php 1,500.00. You have already planned to use this to buy an acoustic guitar so you could practice playing it when you got home. While strolling around the mall, you found a beautiful necklace which would certainly look good on your mom and it costs Php 500. You know that if you bought the necklace, your mom would be glad, however, buying it would make you unable to buy your beloved guitar. Which one would you buy? Why? Answer:

Situation: Imagine that you were on a class field trip for three days. Your mom sent you a pocket money of Php 1,500.00. You have already planned to use this to buy an acoustic guitar so you could practice playing it when you got home. While strolling around the mall, you found a beautiful necklace which would certainly look good on your mom and it costs Php 500. You know that if you bought the necklace, your mom would be glad, however, buying it would make you unable to buy your beloved guitar. Which one would you buy? Why? Answer:

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answer the situation below briefly and then answer also the sub part question 

Situation: Imagine that you were on a class field trip for three days. Your mom sent you a pocket money of Php 1,500.00. You have already planned to use this to buy an acoustic guitar so you could practice playing it when you got home. While strolling around the mall, you found a beautiful necklace which would certainly look good on your mom and it costs Php 500. You know that if you bought the necklace, your mom would be glad, however, buying it would make you unable to buy your beloved guitar. Which one would you buy? Why? Answer: What basic economic term(s) can we extract from the situation above? List them down here:
Transcribed Image Text:Situation: Imagine that you were on a class field trip for three days. Your mom sent you a pocket money of Php 1,500.00. You have already planned to use this to buy an acoustic guitar so you could practice playing it when you got home. While strolling around the mall, you found a beautiful necklace which would certainly look good on your mom and it costs Php 500. You know that if you bought the necklace, your mom would be glad, however, buying it would make you unable to buy your beloved guitar. Which one would you buy? Why? Answer: What basic economic term(s) can we extract from the situation above? List them down here:
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