Saturday, September 1, 2018

Opportunity cost and it real life example

Opportunity cost is the next best alternative available.
For example : When i became sick I had three options : a) to go to Lucknow b) to stay in hostel and get the opportunity to participate in skit c) to stay in my masi (aunt) home.
I chose the first option to go to my home town LUCKNOW.  The next best alternative for me is to stay in hostel. So the opportunity cost for going to my home town is to stay in hostel. 
By at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...

  • Supply in elasticity
    Supply in elastic:if the supply is difficult to replace the product by a substitute goods then that is known as supply-in-elastic. Example...
  • Supply Elasticity
    If the supply is easy to replace by multiple suppliers then it’s known as supply elasticity. Any unskilled worker is an example of supply e...
  • NO PROFIT WITHOUT MARKET STRUCTURE
    MARKET STRUCTURE: there are different market structures that can be characterized to an economy, without market structure any company ca...