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How is the concept opportunity cost relevant to the economy of West African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
How is the concept of opportunity relevant to the economy of west African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
What is the opportunity cost of importance to individual firms and government?
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How is the concept of opportunity cost relevant to the economy of west African countries?
How is the concept of opportunity cost relevant to the economy of west African countries
Why is the cost of capital concept so important?
Cost of capital is cost of debt and cost of equity. The concept of cost of capital is important as it depicts the opportunity cost of making a specific investment.
Explain with the help of production possibility diagram the concept of opportunity cost?
Opportunity cost is the amount you might lose if you do not take the opportunity. You can write out the graph or find examples online.
Importance of opportunity cost to individuals?
Importance of Opportunity cost to an individual are : 1. It influences the individuals household in decision making among his numerous wants. 2. It helps the individual to know how to maximise his satisfaction from his limited resources through drawing scale of preference. Importance of Opportunity Cost to Firms 1. It helps a firm to decide to use labour intensive instead of capital intensive method to achieve the highest output. Importance of Opportunity Cost to Government: 1. It enables the government to maximize the welfare of its citizen by choosing the right projects it should spend its scarce resources on.
A popular modle used to illustrate the concept of opportunity cost is?
production possibility frontier
A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
What two theorists did Alfred Marshall borrow the concept of the importance of cost to the supply of goods?
a
What is opportunity cost and can you provide an example to illustrate its concept?
Opportunity cost is the value of the next best alternative that is foregone when a decision is made. For example, if you choose to go to a concert instead of studying for an exam, the opportunity cost is the potential higher grade you could have achieved if you had studied instead.
Can you explain the concept of opportunity cost using a money analogy?
Opportunity cost is like choosing between spending money on a new phone or a vacation. If you pick the phone, the cost is not just the price of the phone, but also the missed opportunity to go on vacation. So, the opportunity cost is the value of the next best alternative that you give up when making a decision.
