Question

Opportunity cost as an economic tool taking situations and real life examples.
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Answer 1

Explanation:

Modern economists have rejected the labor and sacrifices nexus to represent real cost. Rather, in its place they have substituted opportunity or alternative cost.

The concept of opportunity cost occupies an important place in economic theory. The concept was first developed by an Austrian economist, Wieser. The other notable contributors are Daven Port, Knight, Wicksteed and Robbins. The concept is based on the fundamental fact that factors of production are scarce and versatile.

Our wants are unlimited. The means to satisfy these wants are limited, but they are capable of alternative uses. Therefore, the problem of choice arises. This is the essence of Robbins’ definition of economics.

The opportunity cost of anything is the alternative that has been foregone. This implies that one commodity can be produced only at the cost of foregoing the production of another commodity. As Adam Smith observed, if a hunter can bag a deer or a beaver in the course of a single day, the cost of a deer is a beaver and the cost of a beaver is a deer. A man who marries a girl is foregoing the opportunity of marrying another girl. A film actor can either act in films or do modeling work. She cannot do both the jobs at the same time. Her acting in film results in the loss of an opportunity of doing modeling work.

In the words of Prof. Byrns and Stone “opportunity cost is the value of the best alternative surrendered when a choice is made.”

In the words of John A. Perrow “opportunity cost is the amount of the next best produce that must be given up (using the same resources) in order to produce a commodity.”

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Answer 2

Answer:

#ifndef _PLAYER_H_

#define _PLAYER_H_

#include <string>

class Player

{

private:

  static int num_players;

  std::string name;

  int health;

  int xp;

public:

   std::string get_name() { return name; }

   int get_health() { return health; }

   int get_xp() {return xp; }  

   Player(std::string name_val ="None", int health_val = 0, int xp_val = 0);

   // Copy constructor

   Player(const Player &source);

   // Destructor

   ~Player();

   

   static int get_num_players();

   

};

#endif // _PLAYER_H_

Explanation: