Influence of oppurtunity cost on decision makers(economic agents).i dont understand this topic can somebody help me? Thank you

Hi. An explanation of your question is typed below. Take your time to read and understand it. I will make it as simple as possible.

Explanation:

Opportunity cost can be defined as the cost of an alternative forgone when choice is made. This can be simply defined as the cost of something that is left undone as when a choice is made between 2 things to do.

An example is having to choose between going for a vacation or buy a PS5. When yo decide to go for the vacation, the opportunity cost is the PS5. That means you would rather go on a vacation that get a PS5. This can be due to a number of reasons but more often than not, money is usually the factor for making decisions.

That is the money you have at hand decides what you do with it. If you feel you vacation will not be as expensive as getting a PS5, this makes getting the PS5 delayed till the vacation is out of the way.

Other determinants of decision making thta transcends/goes beyond money includes; energy loss, time loss, etc.

These factors alongside money help to determine the opportunity cost.

I trust that you have an idea now about opportunity cost and how decision makers affects it.  Cheers.

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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