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  • Understanding Total and Opportunity Costs When Shopping

    Suppose it’s the dawn of winter, and you go to your closet to pull out the thick winter coat that you’ve been wearing every winter for the past ten years. However, when you take out the coat, you discover that the stitching that holds one of the arms to the coat’s body has finally given out, resulting in a large tear. “It’s probably time for a new coat anyways,” you say to yourself, and head outside to get in your car and drive to the store.