Post 1 - business management. By expressing the cost of one...

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Question #2: What are opportunity costs and why are they often the most difficult costs to analyze in decision making? Hi Professor and class, Opportunity cost is useful when evaluating the cost and benefit of choices. Choice is not something that can easily be analyzed. It often is expressed in non-monetary terms. For example, if one has time for only one elective course, taking a course in macroeconomics might have the opportunity cost of a course in
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Unformatted text preview: business management. By expressing the cost of one option in terms of the foregone benefits of another, the marginal costs and marginal benefits of the options can be compared. Another example could be; the opportunity cost of deciding not to work is the lost wages foregone Jack...
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