Question

Q. What do you mean by opportunity loss ?​

Answer 1

Answer:

Opportunity loss refers to the difference between the optimal profit or payoff for a given state of nature and the actual payoff received for a particular decision. In other words, it is the amount lost by not picking the best alternative in a given outcome.

Answer 2

Answer:

Opportunity loss refers to the difference between the optimal profit or payoff for a given state of nature and the actual payoff received for a particular decision. In other words, it is the amount lost by not picking the best alternative in a given outcome.

Explanation:

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