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What else can I help you with?
1. Which is the most likely opportunity cost facing the manager?
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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.
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
Which of these is most likely an opportunity cost associated with joining the school choir?
A smaller chance to pursue other interests
What calculates the opportunity cost?
Opportunity cost is something for the next porpose.
Is opportunity cost a relevant cost?
Yes, opportunity cost is a relevant cost because it can be used in something more productive.
What do you understand by the term opportunity cost?
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Why does opportunity cost vary?
Opportunity Cost can vary depending on what you are giving up exactly.
If Karen gets up early and studies three hours for her test she is likely to get an A. If she sleeps in she will probably get a C. What is the opportunity cost of sleeping in?
The opportunity cost of sleeping in for Karen is not getting an A on her test but instead likely getting a C. By choosing to sleep in, she is giving up the possibility of achieving a higher grade by studying for three hours in the morning.
What does increasing marginal opportunity cost mean?
As we decide to choose more units of anything, the opportunity cost of each additional unit will rise. This means that the opportunity cost of the second unit will be greater than that of the first unit. The opportunity cost of the third unit will be greater than that of the second unit. And so forththe law of opportunity cost states that the more of a product that is produced,the greater is its opportunity cost,hence increasing marginal opportunity cost in simple terms refers to an extra or additional opportunity cost of foregoing other products to produce a unit of another product
What is the difference between constant opportunity cost and increasing opportunity cost?
Real cost is the price which is real not a fake price
Why do you need to understand Opportunity cost?
Opportunity cost is fundamental in understanding the true economist cost (and thus profitability) of actions.
