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A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?
- a)Rs. 300
- b)Rs. 700
- c)Rs. 1000
- d)Rs. 1300
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
A tutor earns Rs. 1000 per hour teaching economics. If he joins a scho...
Opportunity cost is the profit lost when one alternative is selected over another. The concept is useful simply as a reminder to examine all reasonable alternatives before making a decision.
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A tutor earns Rs. 1000 per hour teaching economics. If he joins a scho...
Here the next best alternative foregone
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A tutor earns Rs. 1000 per hour teaching economics. If he joins a scho...
Opportunity cost refers to the cost of the next best alternative forgone. In this case, the opportunity cost of teaching in school is the income that the tutor would have earned if he had continued to work as a tutor instead of joining the school.
Given:
- Tutor's earnings as a tutor = Rs. 1000 per hour
- Tutor's earnings as a school teacher = Rs. 300 per hour
Calculation:
Opportunity cost = Earnings as a tutor - Earnings as a school teacher
= Rs. 1000 - Rs. 300
= Rs. 700
Therefore, the opportunity cost of teaching in school is Rs. 700.
Option (b) is the correct answer.
Given:
- Tutor's earnings as a tutor = Rs. 1000 per hour
- Tutor's earnings as a school teacher = Rs. 300 per hour
Calculation:
Opportunity cost = Earnings as a tutor - Earnings as a school teacher
= Rs. 1000 - Rs. 300
= Rs. 700
Therefore, the opportunity cost of teaching in school is Rs. 700.
Option (b) is the correct answer.
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A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer?
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A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer?.
A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer?.
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A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer?, a detailed solution for A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of A tutor earns Rs. 1000 per hour teaching economics. If he joins a school, he would earn on an average Rs. 300 per hour. What is the opportunity cost of teaching in school?a)Rs. 300b)Rs. 700c)Rs. 1000d)Rs. 1300Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
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