What is an opportunity cost?, Managerial Economics

Assignment Help:

Opportunity cost is cost of a different that must be forgone in order to pursue a definite action. Put another way, the advantages you could have received by taking an alternative action. Concept of opportunity cost is central to economics due to it reminds us that every day we each have choices to make and for every choice, that we make there is a second best option that we forego{that we pass up}

Related Discussions:- What is an opportunity cost?

National income and welfare, NATIONAL INCOME AND WELFARE The relatio...

NATIONAL INCOME AND WELFARE The relationship between National Income and Welfare is best explained in terms of economic growth (By economic growth is meant capacity expansio

Equilibrium national income in a frugal economy, Equilibrium National Incom...

Equilibrium National Income in a Frugal Economy Saving and investment are examples of two categories of expenditure called withdrawals and injections. A WITHDRAWAL is any inc

Perfect competition, diagram of a perfect competition

diagram of a perfect competition

Reasons for fluctuations in agricultural prices, REASONS FOR FLUCTUATIONS I...

REASONS FOR FLUCTUATIONS IN AGRICULTURAL PRICES Production depends on factors beyond the control of the producers e.g. weather, disease and pests. Actual and planned output i

Income elasticity of demand, Aside from the price of a product and its subs...

Aside from the price of a product and its substitutes, another significant element of demand for a product is consumer's income. As noticed previously, relationship between demand

State the basis of business policies, State the Basis of business policies ...

State the Basis of business policies Managerial economics is the founding principle of business policies. Business policies are prepared based on studies and findings of manage

National debt, NATIONAL DEBT Taxation does not often raise sufficient ...

NATIONAL DEBT Taxation does not often raise sufficient revenue for the Government Expenditure. So, governments resort to borrowing. This government borrowing is called Publi

Price elasticity of demand and the slope of the demand curve, Price Elastic...

Price Elasticity of Demand and the slope of the Demand Curve Elasticity determines the shape of the demand curve. From the formulas

Ab, isoquant and its properties

isoquant and its properties

Profit Maximization In Various Market Structures, My assignment is listed b...

My assignment is listed below, I need to know if you can correctly complete this entire assignment by providing the entire completed, mistake free solution, including providing the

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages