Consider your decision whether to go skiing for the weekend. Suppose transportation, lift tickets, and accommodation for the weekend cost $300. Suppose also that restaurant food for the weekend will cost $75. Finally, suppose you have a weekend job that you will have to miss if you go skiing, which pays you $120 (after tax) for the one weekend day that you work. What is the opportunity cost of going skiing? Do you need any other information before computing the opportunity cost?

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Q: Define the opportunity cost . What is the significance of opportunity cost in economics.

A: Opportunity Cost Opportunity cost is the cost of next best foregone.When a person, an investor, or a…

Q: What is opportunity cost and how can this concept be applied in real life?

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Q: The term "opportunity cost" points out that *

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Q: Solve the attachment

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Q: If your neighbor chooses to go apple-picking, what is the opportunity cost?

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A: Opportunity cost refers to the value of next best alternative use of given resources.

Q: What is an Opportunity Cost in economics? Answer by giving an example.

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Q: What is an opportunity cost? How does the idea relate to the defifinition of economics? Which of the…

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Q: Explain why scarcity and choice are the basis of economics.

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A: Answer : two appled or three oranges which ever you most prefer.

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A: Production possibility curve is also called production possibility frontier.

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