Question

Explain the meaning of opportunity cost with the help of production possibility schedule

Answer 1

Answer:

xplain the meaning of opportunity cost with the help of Production Possibility Schedule. ... In other words, the opportunity cost of any commodity is the amount of other good which has been given up in order to produce that commodity.

Answer 2

The opportunity cost is cost of choices, and represented by the Production possibility frontier.

Explanation:

• The opportunity cost is the cost that is incurred by leaving one opportunity for another. In search of the next best alternative, that is the loss of potential gains.

• They represents the relationship between scarcity and choices. Aims to make efficient use of the scarce resource. It involves both implicit and explicit costs.

• The explicit costs are direct costs related to actions such as the land and infrastructure costs. While the implicit costs are those costs that are referred to as the natural costs that are incurred on the use of resources. Like human labor and time.

• The production possibility curve is a model that captures the scarcity and choices that are faced by the possibility of making two goods, where the goods and services are produced by a single nation or business. The opportunity cots are shown by PPF.

Learn more about the meaning of opportunity cost with the help of production possibility schedule.

• brainly.in/question/11789004 answered by MrZeref.