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Business opening hours
a) Opportunity cost refers to the cost of the next best alternative that is foregone in a decision. In this case, it refers to the loss income by not opening supermarkets on Weekends.
b) Illustration of opportunity cost mentioned include
These factors will obviously affect commerce decision making, e.g. whether to do business on Sundays or 24-hour a day.
calculate point elasticity of demand for demand function Q=10-2p for decrease in price from Rs.3 to Rs.2
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Q. Use of Information system in business? The utilization of information system has been increasing day by day. It assists to give a competitive advantage over business rivals.
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