What is opportunity cost? Explain with an example.

1.	What is opportunity cost? Explain with an example.
Answer» Another ex- like we joined a job an arts student earns 50,000 commerce student earns 60,000 science student earns 70,000 and i m arts student i will be earn 50,000 so its opportunity cost will be 70,000 which i loosed and if m a commerce student i will earn 60,000 so the opportunity cost will be 70,000 which i loosed and if m a science student i will earn 70,000 so the opportunity cost will be 60,000 the second best option i loosed . I hope u understand<br>Which u loose for the alternate opt. Like- we r studing in 11th or we can do some work also after 10th so if we try to do any jobb our payment will be 5000 . And if m studing in 11th and not joined any job so the opportunity cost will be 5000<br>Its is defined as the value of next best alternative forgone /sacrificed by choosing the desired alternative.. Example: MNC{50,000}, College{30,000}, School{10,000}..these are jobs available for a person and its his wish to select the best job.so this is called next best alternative

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