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Calculating Opportunity Cost with a simple formula
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Simplest formula to calculate opportunity cost
Q/ You may have the choice between two jobs, a mechanic or a bartender. If you work as a mechanic, you could earn $50 per hour. If you work as a bartender, even with tips, your wage could be around $25 per hour.
Q/ You may have the choice between two jobs, a mechanic or a bartender. If you work as a mechanic, you could earn $50 per hour. If you work as a bartender, even with tips, your wage could be around $25 per hour.