Question

Write about Opportunity Cost in detail.

Answer 1

a benefit profit, value of something that must be given up to acquire or achieve something else. since every resources(land, money,time etc) can be put alternative uses every action or decision has an opportunity cost formula is what u sacrifice/what u gain = opportunity cost .
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Answer 2

In microeconomic theory, the opportunity cost, also known as alternative cost, is the value (not a benefit) of the choice in terms of the best alternative while making a decision. A choice needs to be made between several mutually exclusive alternatives; assuming the best choice is made, it is the "cost" incurred by not enjoying the benefit that would have been had by taking the second best available choice.