Question

Moving between two points on a ppf, a country gains 8 desktop computers and forgoes 4 laptop computers. the opportunity cost of 1 desktop computer is_________.

Answer 1

The opportunity cost of 1 desktop computer is 1/2 of a laptop. The opportunity cost is the amount of time and money spent learning value  that could have been used elsewhere.

A farmer decides to plant wheat; the opportunity cost is the value of planting a different crop or using the resources in another way (land and farm equipment). Instead of driving to work, a commuter takes the train.

When considering multiple investments or business avenues, opportunity cost is the potential gain lost by choosing a different course of action. The value of what you lose when you choose between two or more alternatives is known as opportunity cost.

To learn more about opportunity cost, click here.

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