Question

You have one scarce hour to spend between studying for an examination or taking classes in a tutorial for Rs. 200 per hour. You choose to study for examination. What is the opportunity cost of studying?

Answer 1

Answer:

Opportunity cost is the next best alternative forgone.

Opportunity cost is the next best alternative forgone.Therefore, the opportunity cost for studying is the one hour that could have been spend on taking classes for a tutorial for Rs.200 per hour.

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