Question

How do you evaluate your opportunity cost in terms of the alternative decisions that you have...

How do you evaluate your opportunity cost in terms of the alternative decisions that you have to make?

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Answer #1

Oportunity cost is the next best alternative which we have forgone due to use of present one.

So, this cost is not visible sometimes and could not be included in the accounting profit of any firm. Suppose I have an examnination tomorrow and I have two options between which I have choose only one. If I use my time to watch movie then my opportunity cost is to study for the examnination. So, I have higher opportunity cost of watching movie which is studying for examination. So, studying for examnination is the opportunity cost of watching movie today

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