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say you could work full time for 3 years insread of uni-then your wages and other less tangible factors,work experience,contacts etc would be your opportunity costs.It's what you give up to follow stategy a rather than b.
say you could work full time for 3 years insread of uni-then your wages and other less tangible factors,work experience,contacts etc would be your opportunity costs.It's what you give up to follow stategy a rather than b.
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What is the opportunity cost of going to a movie instead of going to the mall?
The opportunity cost is going to the mall. As the definition of opportunity cost is "the next best alternative forgone" and the two choices available are going to the movies or going to the mall, if going to the movies is chosen then going to the mall is the is the option forgone (or given up). When there are three or more options to choose from the opportunity cost can only be established when the options are ranked in order of preference to determine the second most desirable option (the next best alternative) as there is only ever one opportunity cost. BGstart So how do you decide? You first have to recognise your goal ior goals. In a simple case it might be to get to know your new girlfriend better. Now it is fairly easy. Assume a scale of 0 to 10. What do you imagine the change will be after the visit to the cinama,and what after the visit to the mall. Say 2.5 for the movie and 1.5 for the mall. So if you choose the Movie you have gained 1.o, A simpler case would be if you had the choice of taking her to one place and had to choose whether or not to do so. Not taking her to the movie woulf cost 2.5, not taking her to the mall would cost 1.5. It would have been a lot easier if it had just been money. This way you have to know what you want out of life and how to measure against its scale. endBG
Opportunity cost curve?
Look up Production Possibility Frontier, it is the same thing as a Opportunity Cost Curve.
What is the opportunity cost formula?
opportunity cost of x is equal to y over x. The answer then becomes the slope for the graph.
Ight and then click submit Match the following terms with their definitions A Opportunity cost A decision-making tool that weighs additional costs and benefits of going for one more unit of?
Pony
What is the opportunity cost of dropping out of school?
Don't drop out of school
What is the opportunity cost of doing MPA or MBA at the university?
What is the opportunity cost of doing an MBA or an MPA at the University of Ballarat? Say you decide to attempt to do the business economics unit without the recommended textbook. What would be the opportunity cost of doing so? (1 Mark)
What is the opportunity cost of doing MBA or mpa at the university of ballarat?
14k p/a
Discuss the concept of opportunity cost to a undergraduate student in university?
implicit cost such as tuition fee, books cost and rental cost may affect the undergraute student in university , for the student to go to university he or she has forgone wages for books
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.
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.
How much does going to the university of Miami cost?
lots of $$
What is your opportunity cost of going to college?
The main opportunity costs for going to college are time and money. However, there are also cases where someone may lose the opportunity to start a business or launch a product. If they wait, it may be too late and the opportunity completely lost.
What is the nature of opportunity cost?
In economics, the opportunity cost is the next best alternative forgone in a decision. The next best alternative is determined by the values of the consumer making the decision.For example: a consumer must to choose between going to the beach, going to the cinema, or staying at home for the day (they can only do one of these for the day). The consumer values the options in this order (from most-desired to least-desired): 1) going to the beach, 2) going to the cinema, 3) staying at home. If the consumer decides to go to the beach, the opportunity cost is going to the cinema, as this is the next best alternative for the consumer. Staying at home is not the opportunity cost, as it is not the next best alternative.There is only one opportunity cost in a decision; this is the next best alternative. All other less-desirable alternatives are not considered opportunity costs in a decision.
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 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 is Chancellor University's motto?
The motto of Chancellor University is 'Your Opportunity University'.
