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How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
the importance of scale of preference to firms is right choices of goods to produce an efficient utilization of resources
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost analysis plays a vital role in decision making process during selection of alternative projects because one project may be looks feasible in absence of opportunity cost but when considering the foregoing cost of any other alternative may make that project or decision unfeasible or vice versa.
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Importance of Opportunity cost to an individual are : 1. It influences the individuals household in decision making among his numerous wants. 2. It helps the individual to know how to maximise his satisfaction from his limited resources through drawing scale of preference. Importance of Opportunity Cost to Firms 1. It helps a firm to decide to use labour intensive instead of capital intensive method to achieve the highest output. Importance of Opportunity Cost to Government: 1. It enables the government to maximize the welfare of its citizen by choosing the right projects it should spend its scarce resources on.
How do firms incorporate opportunity cost to calculate economic cost? discuss and give example using an explicit economic cost and an implicit economic cost.
the importance of scale of preference to firms is right choices of goods to produce an efficient utilization of resources
Opportunity cost is the cost that an opportunity presents. The opportunity benefit is the benefit of the opportunity that is being presented.
Opportunity cost analysis plays a vital role in decision making process during selection of alternative projects because one project may be looks feasible in absence of opportunity cost but when considering the foregoing cost of any other alternative may make that project or decision unfeasible or vice versa.
it is to improve the competency of all firms in providing goods and services to the general public.
Opportunity cost means that there is an opportunity to get something in a lower cost. __by Alondra Rico
Cooperative purchasing organizations are firms that specialize in the purchasing function and provide this service to small businesses.
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Opportunity cost is something for the next porpose.