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This exercise uses a popular song, "My Christmas List" to discuss the consumer bundle. In the video, the band lists a number of items that they want without regard to their opportunity cost.  When purchasing a good you have to consider both the happiness the good will provide you and the happiness the alternative will provide you.  The reason you purchased the less expensive phone is you value the goods that you could purchase with the additional cash more than the increase in phone quality. 

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