Suppose that you choose the science subjects. You had two other options: the art subject (A) or the commerce subject (C). If you would have chosen (A), you would have expected a career, offering you $R s . 4$ lakh annually; if you would have chosen (C), you would have expected a career, giving you $R s . 5$ lakh annually. What is your opportunity cost of choosing the science subjects?

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Solution

Opportunities: $A : A r t s; V a l u e s = R s . 4 l a k h$
$C : C o m m e r c e; V a l u e = R s . 5 l a k h$
Opportunity cost of choosing science $= R s . 5$ lakh, because opportunity cost is the loss of value of next best alternative.

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Opportunities: A:Arts;Values=Rs.4 lakhC:Commerce;Value=Rs.5 lakhOpportunity cost of choosing science =Rs.5 lakh, because opportunity cost is the loss of value of next best alternative.

Opportunities: $A : A r t s; V a l u e s = R s . 4 l a k h$
$C : C o m m e r c e; V a l u e = R s . 5 l a k h$
Opportunity cost of choosing science $= R s . 5$ lakh, because opportunity cost is the loss of value of next best alternative.