--%>
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 : Problem on Boycotts People who reject

    People who reject to purchase the products of a firm whose actions they condemn, especially when such rejection is intended to support the employees who are on strike, and who urge others to not purchase such products, or to not deal with these firms, are engaged in a

    		•
  • Q : Problem on individual supply curves The

    The market supply curve is derived via: (i) Evaluating the net costs for each potential level of output. (ii) Inverting (or taking the mirror image of) the market demand curve. (iii) Horizontally summing up individual supply curves. (iv) Averaging the

    		•
  • Q : Deter entry from potential competitors

    A firm along with important market power which builds an additional plant to increase excess capacity may be trying to as: (w) ignore a depletion of inventory. (x) deter entry from potential competitors. (y) increase demand and thus raise price and pr

    		•
  • Q : Law of demand is price in the law of

    is price in the law of demand an absolute or relative price

    		•
  • Q : Problem on decrease in demand for goods

    For normal luxuries and goods, decreases in income tend to cause the: (i) Market prices to increase. (ii) Raises in quantities demanded. (iii) A reduction in demand for goods. (iv) Demand curves to shift to right. What is the right

    		•
  • Q : Percentage change in quantity demanded

    The percentage change within quantity demanded along this demonstrated linear demand curve is: (w) greater than the percentage change within price in range b. (x) smaller than the percentage change within price in range a. (y) precise

    		•
  • Q : Problem regarding rise in quantity

    Can someone please help me in finding out the accurate answer from the following question. The raise in the quantity supplied of frozen vegetarian lasagna would be most probable to outcome from raise in the: (i) cost of ingredients in the vegetarian lasagna. (ii) Numb

    		•
  • Q : Emerging by price discrimination

    Oligopolies are least expected to emerge due to: (1) economies of scale. (2) price discrimination. (3) strategic barriers to entry. (4) mergers. (5) legal barriers to entry. Can anybody suggest me the proper explan

    		•
  • Q : Marginal revenue with price discriminate

    For any firm along with some degree of market power but that cannot price discriminate, the price is: (w) constant along the demand curve. (x) identical with marginal revenue. (y) greater than marginal revenue. (z) less than marginal revenue.

  • Q : Charging price by long run operating

    Most monopolists whom continue to operate in the long run are capable to charge a price as: (w) greater than minimum average total costs [ATC]. (x) less than MR. (y) less than marginal costs [MC]. (z) less than which of a pure competitor along with si

    		•