Examples of the opportunity cost formula?
Opportunity cost is defined as the cost of using a resource in the best alternative. For example: Lets take for instance you have a car, which can either be used for taking your family for shopping or for business purposes (e.g as a cab) from which you can make US$500 a month. Therefore, the opportunity cost of using your car for personal purposes (e.g. taking your family for shopping) is US$500. Hope this helps!
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