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Monetary and nonmonetary opportunity cost concepts

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Suppose, you have 1.00 lac taka to invest in Post Office's Sanchay Patra or to invest in a new start-up food business. Now, explain the monetary and nonmonetary opportunity cost concepts, if you choose to invest into Post Office's Sanchay Patra.

You are trying to decide whether to take a vacation. Most of the costs of the vacation (airfare, hotel, and forgone wages) are measured in dollars, but the benefits of the vacation are psychological. How can you compare the benefits to the costs?

The company that you manage has already invested 5,00,000/- taka in developing a new product, but the development is not quite finished. At a recent meeting, your salespeople report that the introduction of competing products has reduced the expected sales of your new product to 3,00,000/- taka. If it would cost 1,00,000/- taka to finish development and make the product, should you go ahead and do so? What would be your managerial decision on this scenario?

Give some examples of scarce resources in the society.

Reference no: EM133082526

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