Case Study: Opportunity Cost and Economic Decision Making.
Case Study: Opportunity Cost and Economic Decision Making. – Case Studies in Economics II
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Opportunity costs are a key input factor in making business decisions
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Opportunity costs are an economic concept to quantify benefits of alternatives that were ignored while making a decision. Precisely, opportunity costs are the value of the best alternative that was not chosen. For example: in a case interview , as a part of a business solution for a food supermarket, you recommend to use a share of the space for pre-prepared food items instead of a small restaurant best alternative. Here, opportunity costs would be the revenues that would have been made by utilizing the space for the small restaurant instead of pre-prepared food items.