Yes, opportunity cost is a relevant cost because it can be used in something more productive.
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
Opportunity cost is the economic, or real cost, of taking any action (as opposed to its accounting, or fiscal, cost). This cost is relevant as part of profit-optimising functions that determine allocations of spending and goods for economic agents.
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
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
How is the concept of opportunity cost relevant to the economy of west African countries
relevant cost may include fixed avoidable costs
Opportunity cost is the economic, or real cost, of taking any action (as opposed to its accounting, or fiscal, cost). This cost is relevant as part of profit-optimising functions that determine allocations of spending and goods for economic agents.
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
A cost is considered relevant if:
Opportunity cost is something for the next porpose.
1.Relevant cost helps provide a consistent basis for the comparison of alternative proposal. 2.Relevant cost deal with the quantitative aspects of decisions.
Opportunity cost is what you give up in order to get something else. Paying money is the opportunity cost for ice cream for example.
Opportunity Cost can vary depending on what you are giving up exactly.