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Examples of two Mankiw's Ten principles of Economics

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a) Provide an example from your personal life of one of Mankiw's ten principles of economics. Briefly Explain and Discuss your example.

b) Provide an example from your professional life of one of Mankiw's ten principles of economics. Briefly explain and discuss your example.

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Solution Summary

Two examples of issues using Mankiw's 10 principles of economics.

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a)
People face tradeoffs:
In this case, it is a trade off to stay single and struggle sometimes to meet the bills that must be paid, or to marry and share the burden with someone who makes far more money. The actual tradeoff occurs for me in having to give up doing exactly as I please, when I please in consideration of another. I will have to share decisions of what color ...

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