Given no alternative info, the farmer's cost of a bushel of corn increased by his cost of a bushel of cotton equals one
- In economics theory, the chance value of a precise action is that the price or profit gone by participating in this activity in compared to participating in Associate in Nursing alternative activity. Simply put, if you decide on one activity, you forfeit the potential to settle on another.
- The next best different is usually outlined because the cost. it's conjointly called the different or the choice value since it represents the loss of gain that might are obtained if another alternative had been chosen. It may also be outlined as a loss of profit as a results of a amendment in selection.
Thus this is often the which means of cost.
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