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7 October, 01:05

Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost?

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  1. 7 October, 01:16
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    Opportunity Cost = Batman Shirt

    Explanation:

    Opportunity Cost is the coat of next best alternative forgone while making a choice.

    Eg: Working as a teacher with salary Rs 20000, if a teacher sacrifises private coaching income = Rs 15000. Latter (Rs 15000) is the next best alternative forgone while choosing school teaching.

    Similarly, Bill choosing Superman T-shirt has opportunity cost as value of his second best choice foregone i. e Batman T-shirt
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