Question

Briefly explain the concept of opportunity cost with the
help of example​

Answer 1

ʜɪɪ ᴍᴀᴛᴇ ʜᴇʀᴇ's ᴜʀ ᴀɴsᴡᴇʀ

ᴡʜᴇɴ ᴇᴄᴏɴᴏᴍɪsᴛs ʀᴇғᴇʀ ᴛᴏ ᴛʜᴇ “ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ᴄᴏsᴛ” ᴏғ ᴀ ʀᴇsᴏᴜʀᴄᴇ, ᴛʜᴇʏ ᴍᴇᴀɴ ᴛʜᴇ ᴠᴀʟᴜᴇ ᴏғ ᴛʜᴇ ɴᴇxᴛ-ʜɪɢʜᴇsᴛ-ᴠᴀʟᴜᴇᴅ ᴀʟᴛᴇʀɴᴀᴛɪᴠᴇ ᴜsᴇ ᴏғ ᴛʜᴀᴛ ʀᴇsᴏᴜʀᴄᴇ. ɪғ, ғᴏʀ ᴇxᴀᴍᴘʟᴇ, ʏᴏᴜ sᴘᴇɴᴅ ᴛɪᴍᴇ ᴀɴᴅ ᴍᴏɴᴇʏ ɢᴏɪɴɢ ᴛᴏ ᴀ ᴍᴏᴠɪᴇ, ʏᴏᴜ ᴄᴀɴɴᴏᴛ sᴘᴇɴᴅ ᴛʜᴀᴛ ᴛɪᴍᴇ ᴀᴛ ʜᴏᴍᴇ ʀᴇᴀᴅɪɴɢ ᴀ ʙᴏᴏᴋ, ᴀɴᴅ ʏᴏᴜ ᴄᴀɴɴᴏᴛ sᴘᴇɴᴅ ᴛʜᴇ ᴍᴏɴᴇʏ ᴏɴ sᴏᴍᴇᴛʜɪɴɢ ᴇʟsᴇ

ᴏᴘᴘᴏʀᴛᴜɴɪᴛʏ ᴄᴏsᴛ ɪs ᴛʜᴇ ᴘʀᴏғɪᴛ ʟᴏsᴛ ᴡʜᴇɴ ᴏɴᴇ ᴀʟᴛᴇʀɴᴀᴛɪᴠᴇ ɪs sᴇʟᴇᴄᴛᴇᴅ ᴏᴠᴇʀ ᴀɴᴏᴛʜᴇʀ. ᴛʜᴇ ᴄᴏɴᴄᴇᴘᴛ ɪs ᴜsᴇғᴜʟ sɪᴍᴘʟʏ ᴀs ᴀ ʀᴇᴍɪɴᴅᴇʀ ᴛᴏ ᴇxᴀᴍɪɴᴇ ᴀʟʟ ʀᴇᴀsᴏɴᴀʙʟᴇ ᴀʟᴛᴇʀɴᴀᴛɪᴠᴇs ʙᴇғᴏʀᴇ ᴍᴀᴋɪɴɢ ᴀ ᴅᴇᴄɪsɪᴏɴ. ғᴏʀ ᴇxᴀᴍᴘʟᴇ, ʏᴏᴜ ʜᴀᴠᴇ $1,000,000 ᴀɴᴅ ᴄʜᴏᴏsᴇ ᴛᴏ ɪɴᴠᴇsᴛ ɪᴛ ɪɴ ᴀ ᴘʀᴏᴅᴜᴄᴛ ʟɪɴᴇ ᴛʜᴀᴛ ᴡɪʟʟ ɢᴇɴᴇʀᴀᴛᴇ ᴀ ʀᴇᴛᴜʀɴ ᴏғ 5%.

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Answer 2

Explanation:

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