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When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
What are some examples of opportunity cost?
Opportunity cost is divided in to further two cost:Implicit cost and explicit cost Suppose there is a man who has two options to earn 1. To go abroad 2. To start a business of printing from the capital which he had in amount of 1.4million Now if he refuses the option of not to go abroad but from economics point of view he also refuses the income which he earn if he goes abroad He tolerates this income indirectly.But if he choose 2nd option he has to pay for starting the business In this case implicit cost is the choosing of first option and explicit cost is the choosing the second option In other words explicit cost can be defined as the cost which is paid for acquiring resources
This is the value lost when one alternative is chosen over another?
Opportunity Cost
Is opportunity cost the rate of return available to an investor for a given level of risk?
No!Opportunity cost is the cost (sacrifice) forgone (or lost) as a consequence of choosing one option over an alternative that may be equally desired. Thus, opportunity cost is the cost of making one choice rather than another. Every action has an opportunity cost! And it is not restricted to only monetary or financial matters: when a person chooses one leisure activity (option 'A') rather than another that was equally desirable (option 'B'), they 'lose' the pleasure etc that would have been enjoyed had they chosen option 'B'. This 'loss' would be the 'opportunity cost' of making choice 'A'. The exercise of choice invariable restricts the chooser from making certain other choices. There are many mutually exclusive choices in life. A person who chooses to marry does so at the 'cost' of the advantages and freeness of singleness. In economics, 'opportunity cost' is a very important concept, because it forces the decision maker to evaluate, not only the benefits of pursuing a certain course, (e.g. course 'A'), but also to evaluate the direct loss of other opportunities that could be taken if course 'A' is not taken. For example, an investor may decide to put all his money into financing a particular project. But, by using the 'opportunity cost' concept, he also is well aware that he does so at the 'opportunity cost' i.e. the cost of lost opportunity, the opportunity to get, perhaps bigger or more secure returns elsewhere.
How could opportunity cost be examined?
Opportunity cost is the cost of the next-best choice available to someone who has to pick between several choices. It is a key concept in economics used to describe "the basic relationship between scarcity and choice". Opportunity cost is examined by selecting one option and then comparing the expected rewards of that option to the rewards of next option. If a company had money to invest in either marketing or production the opportunity cost of one would be the loss of benefit form not picking the other. For example if the company chooses to invest in marketing instead of improving manufacturing (its next best option) which would increased profits $100000 the opportunity cost of the decision is said to be $100000. If the company makes more than $100000 the company has made a good decision. If the increase in marketing does not make $100000 for the company the decision is considered not at as good as the lost opportunity-cost. It would have been more profitable to invest in the option not selected.
The potential benefit lost by choosing a specific action from 2 or more alternatives?
The potential benefit lost by choosing a specific action from 2 or more alternatives is known as opportunity cost. It refers to the value of the next best alternative that is forgone when a decision is made. Understanding opportunity cost helps in making more informed decisions by considering the trade-offs involved in choosing one option over another.
When a decision is made among a number of alternatives the benefit that is lost by choosing one alternative over another is the?
Opportunity Cost
the potential economic benefits that are lost by making one choice instead of another are called what?
Opportunity costs
What happens if golfer's ball is lost?
You are penalized one stroke and you must go back and play another ball from where you played your last shot. This is your only option.
What books are like Percy Jackson and A Lost Hero?
Well another book series is the Kane Chronicles and it is about Egyptian mythology instead of Greek.
If a dog is lost in a large cornfield. how do you find it?
If a dog is lost in a cornfield, first call the dog while walking around the field to locate it. If the dog is not found, another option is to wait 24 hours to see if the dog comes home. If the dog does not return in 24 hours, a Pet Amber Alert could be an option.
What should you do if you have lost your serial number for a program?
Contact the maker and request another. Don't be surprised if they arent exactly cooperative though, your only option may be to purchase the game again.
Why is bobby flay now on worst cooks in America instead of Robert Irvine?
Because Robert Irvine lost to Ann Burrell last season. She had to have another challenger for this season.
What is the purpose of undo option?
to bring that thing which u lost (ctrl+z)
What does the lost generation refer to?
The Lost Generation attacked the status quo, which they no longer believed in, as a result of World War I. They rejected the traditional values like courage and patriotism, choosing instead to focus on material gain and a reckless lifestyle. Abstract ideals were abandoned for concrete realism. Writers of the Lost Generation focused on decadence, an idealized past, and expectations based on gender.
What is the civil option army?
There is no such thing. What does exist, is a US Army publication about the recovery of lost or isolated military personnel. The publication describes the means of recovering them as either 'the military option', the 'diplomatic option' or the 'civil option'; the last option meaning making us of the help of friendly civilians.
What to do when your webcam is lost?
Buy another
