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Directions: Please write a 700-1,000 word paper in which you address the questions below. Also, please do your best to format your work accordingly and to cite any references you might use.

 

List and explain the four principles of individual decision-making.
Provide an example of a decision in which you faced trade-offs, considered opportunity costs and evaluated the options by comparing the marginal benefits and the marginal costs associated with that decision.
List the incentives which drew you to that decision or the incentives which could have led you to make a different choice.