how does opportunity cost vary?

why does opportunity cost vary?

for why i put: Opportunity cost is different for every individual. It varies depending on the choice you make.

i'm not sure about "how" it varies though.

For how the opportunity cost vary?

Answer: Because its expressed in relative price, and it price of one choice to the price of another.

Opportunity cost, for an individual, will change if relative prices change. E.g., for me, the opportunity cost of a Big Mac is about 3 double cheeseburgers. What would happen to my opportunity cost if the price of Big Macs changed, but cheeseburgers remained the same?

Opportunity cost can also change with changing tastes

this is confusing i hate business studies!!!!!!!]

Opportunity cost can vary in several ways. Here are a few factors that influence how opportunity cost can differ:

1. Scarcity: The availability of resources or options is an essential factor affecting opportunity cost. If there are limited resources or choices, the opportunity cost tends to be higher as you have to forgo more valuable alternatives.

2. Preferences and Values: Different individuals may have different preferences and values, which can lead to varied opportunity costs. What is considered valuable to one person may not hold the same value for someone else, resulting in different opportunity costs for each individual.

3. Time: Opportunity cost can also vary over time. As time passes, the value of the options you have to choose from might change. For example, the opportunity cost of pursuing higher education may be lower for someone just starting their career, compared to someone who has already been working for several years.

4. Situational Factors: Opportunity cost can be influenced by specific circumstances or situations. For instance, the current economic conditions, market trends, or personal circumstances can impact the availability and value of different alternatives, thereby affecting the opportunity cost.

5. Individual Circumstances: Each person has their own unique circumstances that can influence opportunity cost. Factors like financial resources, personal skills, responsibilities, and goals can all contribute to the variation in opportunity cost between individuals.

By considering these factors, you can understand how opportunity cost varies for different people and situations. Evaluating these factors can help you make informed decisions by recognizing the trade-offs involved in choosing one option over another.

what does thinking at the margin help compare

I can't wait to get out of this indoctrination center!!