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13 June, 05:41

Madeline spends all of her spare money on widgets, which cost $2 each, and gizmos, which cost $3 each. What is her opportunity cost if Madeline buys 12 widgets?

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  1. 13 June, 05:53
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    The correct answer to the following question is that the opportunity cost of Madeline would be 8 units of gizmos.

    Explanation:

    Opportunity cost can be defined as the benefit or gain that a person might have got or earn if he or she had not selected the current alternative. In this question Madeline has bought 12 widgets, now these widgets cost $2 each, so she has spend $24 ($2 x 12) on the widgets. So here her opportunity cost would be the gizmos that she could have bought, that is $24 / $3 = 8 units
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