Opportunity cost…
Definition: The cost of the next best alternative, which is forgone
when the choice is made
Definition: The cost of the next best alternative, which is forgone
when the choice is made
Examples:
i) Since a Canadian worker can make either two cars a year or 30 bushels of wheat, the opportunity cost of a car is 15 bushels of wheat
ii) Hawaii is the largest producer of coffee in the U.S. However the opportunity cost of growing more coffee is too high (tourism, vacation resorts, environmental issues) to grow more coffee in Hawaii
i) Since a Canadian worker can make either two cars a year or 30 bushels of wheat, the opportunity cost of a car is 15 bushels of wheat
ii) Hawaii is the largest producer of coffee in the U.S. However the opportunity cost of growing more coffee is too high (tourism, vacation resorts, environmental issues) to grow more coffee in Hawaii
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