Which economist gave the theory of opportunity cost?

Which economist gave the theory of opportunity cost?
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1 Answer

Answer :

Gottfried Haberier
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What is the answer to this opportunity cost?

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Last Answer : I understand opportunity cost, but I don’t understand this question. Perhaps your professor can word it in an even more enigmatic way.

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Last Answer : When a financial decision is being made, the more choices youhave will help determine the best opportunity. To calculate theopportunity cost, compare each opportunity based on a similar unitof ... costs associated with each opportunity.Make your choice based on which opportunity cost is higher.

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Last Answer : (3) Sunk cost Explanation: In economics and business decision-making, sunk costs are retrospective (past) costs that have already been incurred and cannot be recovered. Sunk costs are sometimes contrasted ... is taken. The sunk cost is distinct from economic loss. Sunk costs may cause cost overrun.

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Description : The opportunity cost of a factor of production is - (1) what it is earning in its present use. (2) what it can earn in the long period. (3) what has to be paid to retain it in its present use. (4) what it can earn in some other use.

Last Answer : (4) what it can earn in some other use. Explanation: The opportunity cost of a choice is the value of the best alternative forgone, in a situation in which a choice needs to be made between ... given limited resources. It is equivalent to what a factor could earn for the firm in alter-native uses.

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The addition to total cost by producing an additional unit of out-put by a firm is called - (1) Variable cost (2) Average cost (3) Marginal cost (4) Opportunity cost

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Last Answer : (3) Marginal cost Explanation: The addition to total cost by producing an additional unit of output by a firm is called Marginal cost. Average cost is the total cost of producing a given output divided by that output.