You plan to attend the NCC Camp for two months. If you do, you won’t be able to do your usual part time job that pays INR 10,000 for two months and you won’t be able to leave at home for free. The cost of your NCC camp includes: living expenses INR 2000, costume and stationery expenses INR 3000, and study materials INR 1000. What is the opportunity cost of joining the NCC Camp?

Opportunity cost is the loss of your two months’ pay, which is, INR 10000

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Marginal opportunity cost is the cost of attending the NCC Camp, which is, INR 6000 (Living expenses + Expenses on costume and stationery + Expenses on study material)

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There is no marginal opportunity cost involved in making the above decision

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Marginal opportunity cost is the total of your two months’ pay and cost of attending the NCC Camp, which is, INR 16000

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Solution

The correct option is A Opportunity cost is the loss of your two months’ pay, which is, INR 10000
Opportunity cost of your joining the NCC camp is INR 10000, because opportunity cost is equal to the loss incurred (or sacrifice made) when the existing opportunity is forgone in favour of the other.

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The correct option is A Opportunity cost is the loss of your two months’ pay, which is, INR 10000Opportunity cost of your joining the NCC camp is INR 10000, because opportunity cost is equal to the loss incurred (or sacrifice made) when the existing opportunity is forgone in favour of the other.

The correct option is A Opportunity cost is the loss of your two months’ pay, which is, INR 10000
Opportunity cost of your joining the NCC camp is INR 10000, because opportunity cost is equal to the loss incurred (or sacrifice made) when the existing opportunity is forgone in favour of the other.