Define the concept of opportunity cost, Microeconomics

1. Define the concept of opportunity cost in your own words. Given an example from your own life of the opportunity cost of a decision (do NOT use classroom examples).  Explain why opportunity costs rather than "out of pocket" costs are the appropriate cost measure for social benefit cost analysis.     

Posted Date: 3/23/2013 5:39:53 AM | Location : United States







Related Discussions:- Define the concept of opportunity cost, Assignment Help, Ask Question on Define the concept of opportunity cost, Get Answer, Expert's Help, Define the concept of opportunity cost Discussions

Write discussion on Define the concept of opportunity cost
Your posts are moderated
Related Questions
Perfect Competition It's a market where conditions prevail like that buyers and suppliers are without the ability to manipulate price in any significant way such that the marke

Once the organization has decided to move forward with the development of a new or modified system, it is time to determine what tasks are necessary to move the project from initia

Factors of Production :   The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu

Commodities that are viewed as luxuries typically have price elastic demand, and commodities that are requirements have price inelastic demand.  There is easily no substitute for a


The demand functions for two related commodities are expressed as follows    Q 1 = (12P 2 3/4 ) / (P 1 1/2 ) Q 2 = (24P 1 2 ) / (P 2 3/5 ) Where Q 1  and Q 2 are d

analyze Swot of Canon

Change in consumer Taste/preference: Any change in consumer taste or preference causes demand to change. Increased taste or preference for a particular good causes demand to inc

I have 3 questions regarding the economics of potlatch, 1.) What is the economic purpose of potlatch? I don''t fully understand this question... I believe potlatch is a gift econ

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4