1)What is opportunity cost and why is it important? 2)U.S. and China have been engaging in...
1)What is opportunity cost and why is it important?
2)U.S. and China have been engaging in a trade war lately, each threatening to impose trade restrictions and high tariffs on goods the other country exports. Using the concepts learned in class, discuss if you think such a trade war is beneficial or detrimental to each country.
Homework Answers
Solution :-
Opportunity Cost is the Cost of the next best alternative. Opportunity Cost represents the benefit that is lost by individual due to accepting another project.
We can say opportunity cost as a value which is give due to the reason of accepting other alternative choice.
For Example :- A Person doing job of 50,000 per month . Now he need to go college for a Month , then the Opportunity Cost of Going College is 50,000 per month .
Opportunity Cost is very important cost used to compare more than one projects . Opportunity Cost not only includes the monetary costs even it includes all the real costs .
As per HomeworkLib policy we need to answer only one question at once so please ask others as seperate one .
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