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OpenStudy (anonymous):
How to calculate the opportunity cost?
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OpenStudy (anonymous):
Opportunity cost is the second best alternative we forego when making a choice. If you have 2 options, with a worth on each, e.g. Chicken = 2 Fish = 4 and you forego chicken, you divide 4 by 2 = 2 ... however, if there is no value on such items, then you cannot calculate it. Look more at comparative advantage.
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