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

Production function curve, different types of production funtion and curve ...

different types of production funtion and curve given by different economist

Define benefit pensions, Defined Benefit Pensions: A pension plan that pays...

Defined Benefit Pensions: A pension plan that pays a specified monetary benefit, generally based on a pensioner's years of service and their income at the time of retirement.

Narrowness definition of commodity, Why narrowness of definition of a commo...

Why narrowness of definition of a commodity may influence price elasticity of demand

Assignment, In the table below are given the output (X), T.C., and Price fo...

In the table below are given the output (X), T.C., and Price for a firm. Complete the following table, and then answer the questions at the bottom of the table.   X T.C P=A.R

Disadvantages of state trading, Disadvantages of State Trading State tra...

Disadvantages of State Trading State trading has several disadvantages. (i) State trading is often afflicted by the corruption and inefficiency usually associated with the pu

Canalisation, State trading is often associated with canalisation. Canalisa...

State trading is often associated with canalisation. Canalisation means estaolishment of state monomply in foreign trade. In other words, an item that is canalised can be imported

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

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