What is opportunity cost, Microeconomics

Assignment Help:

What is opportunity cost? 

Answer:   Opportunity cost is a term used in economics, to mean the cost of something in terms of an opportunity foregone (and the advantages that could be received from that opportunity), or the most valuable foregone alternative. For instance, if a city decides to build a hospital on vacant land that it owns, the opportunity cost is some other thing that may have been done with the land and construction funds instead.

 


Related Discussions:- What is opportunity cost

What is International Cartels and Commodity Agreements, what is Internation...

what is International Cartels and Commodity Agreements? Describe briefly International Cartels and Commodity Agreements, what are Commodity agreements?

Chap 6, For the pizza seller whose marginal, average variable, and average ...

For the pizza seller whose marginal, average variable, and average total cost curves are shown in the following diagram, what is the profit-maximizing level of output and how much

Setting up a model to forecast future demand, Because of your reputation as...

Because of your reputation as an expert in economic analysis, you have been hired as vice president of a business consulting firm named Economists R Us.  This firm provides consult

Cost theory, if marginal cost descreases then what else is effected by this...

if marginal cost descreases then what else is effected by this

Composition of trade, Composition of Trade: It is indicative of the st...

Composition of Trade: It is indicative of the structure and level of development of an economy. For instance, most of the UDCs depend for their export earnings on a few primar

Policies of educational financing - earmarking, Policies of Educational Fin...

Policies of Educational Financing - Earmarking Earmarking refers to setting aside and using the funds generated by a special cess/tax for the particular purpose for which it i

Floating exchange rates, Floating exchange rates There are two basic s...

Floating exchange rates There are two basic systems that can be used to determine the exchange rate between one country's currency and another's: a floating exchange rates (al

Rational producer, would a rational producer be concerned with the average ...

would a rational producer be concerned with the average or marginal product of an input in dec

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd