In this case, Harry's decision to go to his parents' house results in three possibilities being lost, which is the opportunity cost.
When one alternative is chosen, the loss of potential gain from other choices is referred to as the opportunity cost. Harry might have gained time spent relaxing while fishing, having his house painted, and spending time with his friends at the birthday party if he had gone to his parents for dinner instead. Due to him opting for an alternative chance, supper with his parents, these can all be viewed as missed opportunities. In the aforementioned case, the three activities Harry could have attended but chose to skip represent the opportunity cost.
In Hid's ambitions, his that weekend, an apartment.
For the weekend, he also thought of going fishing.
Welcome to Theo's surprise birthday party invitation for a different pal.
The value of the next-highest alternative use of a resource is frequently defined as its opportunity cost.
For instance, a phone manufacturer might supply fewer phones to fulfil the demand for tablets.
Finally, the difference between the anticipated returns of each option yields the opportunity cost.
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