Assignment Help - homework help

  Opportunity Cost Homework Help - Economics

Concept of the Opportunity Cost

Definition:   Opportunity cost of the satisfying a want is the other best alternative which has to be forgone. (i.e. the cost of giving up      something in order to attain something else.)

E.g. A person has $5 and he can them spend on the chocolate or chewing gum or the combination of both of them.

        Price of a bar of the chocolate is             =          $0.50

        Price of a bar of the chewing gum is       =          $0.20

Chocolate                  Chewing gum

                              10                                 0

                               8                                 ?

                               6                                 ?

                               4                                 ?

                               2                                 ?

                               0                                 25

2356_OPPORTUNITY COST.png

 

There are 6 possible combinations available to him using all his money. Supposing that he is consuming 6 bars of the chocolate and 10 bar of the chewing gum, the opportunity cost of the 8th bar of chocolate is what he should give up in order to get the 8thbar, which in this case is 5 bars of chewing gum. (10-5)

The line on the above drawn figure shows a constant opportunity cost of consuming 2 additional bars of the chocolate is 5 bars of chewing gum.

Opportunity cost is represented by slope of that line.

Email based opportunity cost homework help - opportunity cost assignment help at TutorsGlobe

Are you searching economics tutor for help with Opportunity Cost questions?  Opportunity Cost topic is not easier to learn without external help?  We at www.tutorsglobe.com offer finest service of economics homework help and economics homework help. Live tutors are available for 24x7 hours helping students in their Opportunity Cost related problems. We provide step by step Opportunity Cost question's answers with 100% plagiarism free content. We prepare quality content and notes for Opportunity Cost topic under economics theory and study material. These are avail for subscribed users and they can get advantages anytime.

Why TutorsGlobe for homework help

  • Higher degree holder and experienced tutors network
  • Punctuality and responsibility of work
  • Quality solution with 100% plagiarism free answers
  • Time on Delivery
  • Privacy of information and details
  • Excellence in solving accounting questions in excels and word format.
  • Best tutoring assistance 24x7 hours
Home | Company Overview | Services | Discover Q&A | Sitemap | Contact Us | T & C | Refund Policy | Copyright Policy | Blog | Q&A | Directory

©TutorsGlobe All rights reserved 2022-2023.