Question

Difference between marginal cost and opportunity cost in tabular form

Answer 1

The differences between marginal cost and opportunity cost include the following:

1. Opportunity cost is the cost of second best alternative which represents the relationship between scarcity and choice whereas marginal cost is the cost associated with producing an additional unit of commodity.

2. Opportunity cost may or may not have a monetary value whereas marginal cost always has a monetary value attached to it.

3. The value of lost time, output, utility, and the benefits that might have been enjoyed if the second best choice is made in opportunity cost while marginal cost does not entertain these values or benefits.

4.Marginal costs are visible while opportunity costs are not.

5.Marginal cost is classified as cost being incurred during production of a commodity while opportunity cost is the cost incurred during the consumer’s choice of whether to buy the first product or alternative product.

Sorry I could not write in tabular form. I wrote in points instead. Hope you'll be able to understand it :)