In this video we explain go over a sample homework problem which looks at how we can calculate the opportunity cost of two goods just by looking at the related PPC / PPF!
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Hi Everyone, In this video I show a way to calculate opportunity cost when we are given information about production possibilities.
I find that it’s useful for my students, hope that it’s useful for you!
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This video goes over the process of calculating opportunity costs. Generally, opportunity costs involve tradeoffs associated with economic choices. Specifically the opportunity cost is the value of the best available alternative (that you have given up). This video goes over my personal method to make sure the opportunity costs are calculated correctly.
More information about this is available at: http://www.freeeconhelp.com/2011/09/calculating-marginal-and-total.html
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