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What is the opportunity cost of a choice?

In microeconomic theory, the opportunity cost of a choice is the value of the best alternative forgone where, given limited resources, a choice needs to be made between several mutually exclusive alternatives.

How do you find the opportunity cost of a good X?

To find the opportunity cost of any good X in terms of the units of Y given up, we use the following formula: Not all costs are monetary costs. Opportunity costs are expressed in terms of how much of another good, service, or activity must be given up in order to pursue or produce another activity or good.

What is the difference between a trade-off and an opportunity cost?

A trade-off denotes the option we give up, to obtain what we want. On the other hand, the opportunity cost is the cost of the second best alternative given up to make a choice. Let's say we've been hanging out in scenario E for a bunch of days. On average, we've been catching one rabbit, but gathering 280 berries.

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