0
cost represents the money paid for something while opritunity cost is the value of one thing is when u give of something else,
like cost is these shoes cos $228
or these shoes cost $456 and the others cost $228 you buy the cheap ones your opritunity cost is giving up the other shoes !
i got this off patoweb !
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Difference between opportunity cost and a tradeoff?
Opportunity cost is that amount which is to forego by adapting different mutual exclusive investing opportunities while tradeoff value is the exchange value of old asset while purchasing same new asset.
A point to the left of a budget line is?
A point to the left of a budget line is commonly a tradeoff. But a point to the right is an opportunity cost.
Under what conditions is the production possibilities frontier linear rather than bowed out?
When the Opportunity Cost or the tradeoff between the two goods is always at a constant rate.
How does cost different from opportunity?
"cost" represents the money paid for something and "opportunity cost" is the value of the thing given up when one chooses something else.
What is opportunity cost and opportunity benefit?
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
How does opportunity cost vary?
Opportunity costs vary because people's desires for different objects vary. When a person gives up something that they want for something else that they want they have created an opportunity cost.
Why do economists measure the cost of things when opportunity cost is what you actually are considering we when decide whether or not to purchase something?
it is easier for economists to measure "cost" than "opportunity cost"(because people's tastes are different and changeable)
What are 4 different types of opportunity cost?
Increasing, Decreasing, Constant, and 0.
Why is opportunity cost measured in monetary terms?
To make it different from trade-off
What does the word opportunity cost means?
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
What is opputunity cost?
Cost that you have to bear to choose between different alternatives is called opportunity cost so if somebody is working for monthly salary of 10000 provided with a new project which is earning 15000 then 10000 is the opportunity cost for starting new project.
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
