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What is the difference between opportunity cost and marginal cost?
opportunity cost refers to the satisfaction of ones want at the expense of another want while marginal cost is the addition to total cost as a result of increasing output by one unit.
What difference between cost and costing?
difference between cost and costing
What is the difference between cost and list price?
whats the difference between cost and list?
What is opportuniy cost?
If any amount or opportunity needs to be forego due to selection between mutual exclusive projects then that amount is called opportunity cost.
What is the difference between opportunity cost and sunk cost with example?
Any cost which is incurred in past is called "Sunk Cost" while any cost which has to be secrificed while choosing between different alternatives is called "opportunity cost" For example you have purchased machinery for 100000 in previous year and earned 10000 and now you have chance to start producing some other product which will earn you 11000 then switching to new plan will cause you 10000 which you are expecting to earn in current year as well so that 10000 is the opportunity cost you will lose while the machinery cost is a sunk cost because no matter which alternative you choose you cannot change that purchase of machinery decision now.
What is the difference between opportunity benefits and opportunity cost?
yeahhh
What is the difference between constant opportunity cost and increasing opportunity cost?
Real cost is the price which is real not a fake price
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.
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.
What is the difference between a chosen investment and one that is passed up?
opportunity cost
What is the difference between opportunity cost and marginal cost?
opportunity cost refers to the satisfaction of ones want at the expense of another want while marginal cost is the addition to total cost as a result of increasing output by one unit.
What is economical profit?
Difference between revenue received from sale of an output & the opportunity cost of inputs used. (EVA)
What is the difference between real cost and opportunity cost?
Actual cost (real cost): Are those which are actually incurred by the firm in payment for labor, material, plant, building, machinery, equipment ,etc. Opportunity cost: The opportunity cost is the opportunity lost. An opportunity to make income is lost because of scarcity of resources like land, labor, capital etc., or the making of one decision over another decision.
What difference between cost and costing?
difference between cost and costing
What is the difference between cost and list price?
whats the difference between cost and list?
What is the difference between differential cost and incremental cost?
There is no difference
What is the opportunity cost of devoting scarce university land to car parking?
Since opportunity cost is defined as the cost of any activity measured in terms of the best alternative activity which is forgone, in this case, the opportunity cost can be a field for students to play around or a land where a library can be built. Another example, would be the opportunity cost of coming to school. This answer will be the time enjoyed going to the cinema or time spent with your partner. Hence, the opportunity cost of coming to school will be the cost of not going to cinema and spending time with your partner. Opportunity cost is defined, as the answer above says, as the difference between a course of action and another course of action. What the above answer misses is that opportunity cost is usually measured as the difference between the chosen action and the BEST alternative, not any other alternative. For instance, if you're choosing between 5 stocks, chose stock 1 and all 5 stocks go up, but stock 3 rises the most, you measure your opportunity cost against ONLY stock 3. So the opportunity cost in this case would be the BEST alternative. Unfortunately, there is no numerical way to measure the utility a university would get from various non-economic buildings like a library or cinema, so it would have to be up to the school board.
