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Opportunity Costs in Bedazzled

by AdrianFohr

Economists are given to saying, 'there is no such thing as a free lunch.'  However, one would think that if a supernatural being grants you three wishes and you wish for lunch, then certainly that must be free.  Right?

The economic principle of opportunity cost says, 'no.'

 

The estimable Dr. Russ Roberts says that, 'Opportunity cost is what you give up, to get something.'

The cost of the lunch you wished for is whatever you would have been doing otherwise.

The subject is treated in greater detail here:

Article available here:http://www.econlib.org/library/Columns/y2007/Robertsopportunitycost.html

There Is No Such Thing as a Free Lunch

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This clip exemplifies the mantra that economists use, "There is no such thing as a free lunch."

from Bedazzled (2000)
Creator: Harold Ramis
Distributor: 20th Century Fox
Posted by AdrianFohr
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