Question

If the company wants to produce 20 more books that leads to - 5 decrease in the newspaper production

What is the opportunity cost of 1 book?

What is the opportunity cost of 1 newspaper?

Answer 1

Answer:

Opportunity cost refers to what you have to give up to buy what you want in terms of other goods or services. When economists use the word “cost,” we usually mean opportunity cost.

The word “cost” is commonly used in daily speech or in the news. For example, “cost” may refer to many possible ways of evaluating the costs of buying something or using a service. Friends or newscasters often say “It cost me $150 to buy the iPhone I wanted.”

Explanation:

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Answer 2

Answer:

OPPORTUNITY COST -

When an option is chosen from alternatives, the opportunity cost is the "cost" incurred by not enjoying the benefit associated with the best alternative choice. The New Oxford American Dictionary defines it as "the loss of potential gain from other alternatives when one alternative is chosen

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