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8. Number problem-solve: (1) Jason works at Firestone Auto. He can complete 30 Oil changes a day or replace 6 Brake pads a da

both questuons please
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Answer #1

17 Since opportunity ㄷ (0) Cost What We give up What he gain OC Brake bil change (g Neup) Brake pead (gain) 3o Oc Brake = 5 o

9

As explained above opportunity cost it is the ratio of what we give up to the what we gain

So a practical example for this can be -

since opportunity cost comes into the picture of economics because as we all know that there is always scarcity of resources

Similarly let's take an example of a guy who is having examination a day after tomorrow and club party with friends

Now here he has to decide that for going to club party will cost what opportunity cost to face for the examination

If opportunity cost high then it should not be ignored and he should make toys in the most optimal way by using the concept

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