Concepts of opportunity cost and trade-offs

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Suppose the U.S. president is attempting to decide whether the federal government should spend more on research to find a cure for lung cancer. He asks you, one of his economic advisors, to prepare a report discussing the relevant factors he should consider. Use the concepts of opportunity cost and trade-offs to discuss some of the main issues you would deal with in your report. Relate your report to three of the principles of economics.

Reference no: EM13861733

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