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Opportunity cost is divided in to further two cost:Implicit cost and explicit cost
Suppose there is a man who has two options to earn
1. To go abroad
2. To start a business of printing from the capital which he had in amount of 1.4million
Now if he refuses the option of not to go abroad but from economics point of view he also refuses the income which he earn if he goes abroad He tolerates this income indirectly.But if he choose 2nd option he has to pay for starting the business
In this case implicit cost is the choosing of first option
and explicit cost is the choosing the second option
In other words explicit cost can be defined as the cost which is paid for acquiring resources
What else can I help you with?
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
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.
What are some examples of opportunity cost in decision-making processes?
Opportunity cost refers to the benefits that are forgone when choosing one option over another. Examples of opportunity cost in decision-making processes include choosing to study for a test instead of going out with friends, investing in stocks instead of saving money in a bank account, or spending time volunteering at a charity instead of working a part-time job for extra income.
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 are some examples of economic theory in practice?
Examples of economic theory in practice include supply and demand determining prices, the concept of opportunity cost influencing decision-making, and the impact of government policies on market outcomes.
What are the examples to increase the opportunity cost in tourism?
the increased opportunity costs in tourism
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.
What are some examples of opportunity cost in decision-making processes?
Opportunity cost refers to the benefits that are forgone when choosing one option over another. Examples of opportunity cost in decision-making processes include choosing to study for a test instead of going out with friends, investing in stocks instead of saving money in a bank account, or spending time volunteering at a charity instead of working a part-time job for extra income.
What are the examples of opportunity?
Some examples of opportunity costs are:giving up your favorite movie to study (in order to get good grades). The opportunity cost is the movie that has been forgone.attending Baseball training (in order to be a better player) instead of going to your favorite night club when the best artiste would be performing; the club has been forgone/opportunity cost/best next alternative.Opportunity costs are the benefits you could have received by taking an alternative action.
What are the example of opportunity cost?
Some examples of opportunity costs are:giving up your favorite movie to study (in order to get good grades). The opportunity cost is the movie that has been forgone.attending Baseball training (in order to be a better player) instead of going to your favorite night club when the best artiste would be performing; the club has been forgone/opportunity cost/best next alternative.Opportunity costs are the benefits you could have received by taking an alternative action.
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 are some examples of economic theory in practice?
Examples of economic theory in practice include supply and demand determining prices, the concept of opportunity cost influencing decision-making, and the impact of government policies on market outcomes.
What are the examples of opportunity cost in a business?
An opportunity cost means that, in order to do one thing, you must give up something else (those something else's are the opportunity costs). An example of an opportunity cost would be the large amount of money that would need to be invested in order for a company to make itself more environmentally-friendly (like installing solar panels).
Give two examples of the possible opportunity cost of a government building a new hospital?
Agriculture and animal husbandry
Advantages of the step method of cost allocation?
Advantages:Considers some of the interdependence of service departmentsDisadvantages:Resulting allocations are inaccurate estimates of opportunity costs.Allocation less than opportunity cost for first departmentAllocation more than opportunity cost for last department
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 are some examples of an opportunity benefit?
if your mom tell u to do a chore and she give you allowance for doing it would be an example of opportunity benefit
