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What Is Economics Essay Preview: What Is Economics 1 rating(s) Report this essay May 23, 2016GrantGolson-be718-m1Prompt 1Explain how the ideas of valuation and costing (opportunity cost) expressed by Alchian relate to the question “What is economics?” defined and articulated by Sowell. Support your reasoning with quotations from the Alchian and Sowell readings.Alchian makes a distinct.