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opportunity costs calculation
well in terms of "COST VALUE" of opportunity cost, below is the formula, which i have found on one of the website...
Opportunity Cost = Return of Most Lucrative Option - Return of Chosen Option (source:
Hence, in your case(as per your perspective) most valued option is going out with the friend
Therefore below will be the opportunity cost for chosen appropriate options
1.Going out with friend : 0 (Best - selected = 60-60)
2. Washing car : 40 (Best - selected = 60-20)
3. Going to beach : 20 (Best - selected = 60-40)
0 Opportunity cost states that you have chosen best option..
PS: i could not understand inpods formula and that's why had to hunt on google for ans
not sure whether formula is correct or what
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