Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its
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Emily buys an air conditioner that costs $700. Because the air in her home is cleaner, its use saves her $250 in curtain cleaning costs over the lifetime of the air conditioner. In money terms, what is the opportunity cost of the air conditioner?
Opportunity CostOpportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...
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Related Book For 
Economics Principles and Policy
ISBN: 978-1305280595
13th edition
Authors: William Baumol, Alan Blinder
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