--%>
Assignment Help - homework help

Determining opportunity cost

Suppose a doctor has a private clinic in New Delhi and his annual earnings are of Rs10 lakh. When he works in a Government Hospital in New Delhi, his annual earnings are of Rs 8 lakh. Determine the opportunity cost of encompassing a clinic in New Delhi?

Answer: The opportunity cost of opening a clinic in New Delhi is of Rs8 lakh that he could encompass earned in subsequently best option use that is, working in Government hospital in New Delhi.

   Related Questions in Microeconomics

  • Q : Marginal Utilities and Demand Prices

    Can someone help me in finding out the right answer from the given options. Rational individual consumers tend to purchase goods until the relative market prices for each and every goods purchased are proportional to all individuals: (i) Cost or benefit ratio. (ii) Op

    		•
  • Q : Output level at wholesale price on

    When the wholesale price per dozen roses is $4.50, the breakeven point for Rose Garden Wholesalers happens at an output level of about: (i) 2000 dozen roses. (ii) 2500 dozen roses. (iii) 3000 dozen roses. (iv) 3500 dozen roses. (v) 40

    		•
  • Q : Prices and costs in monopoly market

    When this monopoly generates Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above.

    Q : Meaning of utility For economists, the

    For economists, the term "utility" signifies: 1) versatility and flexibility 2) rationality 3) pleasure and satisfaction 4) purposefulness.

    		•
  • Q : Business strategies in market Assume

    Assume that technological advances considerably lower costs for Honda. Hence which of the given statements is true: (w) when Honda lowers prices, rivals will rightfully accuse the firm of predatory pricing (x) when Honda raises prices, rivals will rightfully accuse th

    		•
  • Q : Equilibrium price when demand increase

    When an increase in demand arises at similar time as a decrease in supply, in that case equilibrium price: (w) falls, and equilibrium quantity is unsure. (x) increases, and equilibrium quantity is uncertain. (y) remai

    		•
  • Q : Changes in market prices and conditions

    The model of pure competitive is intended to produce insights within how: (w) asymmetric information influences the efficiency of exchange. (x) buyers and sellers negotiate to reach contracts for goods and services. (y) markets determine equitable dis

    		•
  • Q : Problem on equilibrium market price I

    I have a problem in economics on equilibrium market price. Please help me in the following question. The equilibrium market price subsists only if: (1) Quantity demanded equivalents the quantity supplied. (2) Surpluses exceed the shortages. (3) Expert

    		•
  • Q : Boosting minimum wage laws Boosting

    Boosting minimum wage laws from $5 to $8 per hour is LEAST probable to: (w) give some unskilled workers with higher incomes. (x) cause some low-wage workers to lose their jobs. (y) raise friendship like a basis for employment. (z) decrease unemploymen

    		•
  • Q : State marginal propensity to consume

    Marginal propensity to consume: It is stated as the measure of rate at which the aggregate consumption expenditure changes as the national income changes. MPC= C/Y

    		•