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What is Opportunity Cost?

What is Opportunity Cost?

Opportunity cost sounds like a dry topic, but it is a concept that can be applied to many aspects of daily life. I recently found a quote from a famous author and realized that it applies to life, business, economics, opportunity cost, and just about every other...

Microeconomics Cost Formulas

Here is a list of some of basic microeconomics formulas pertaining to revenues and costs of a firm. Remember when you’re using these formulas there are a variety of assumptions, namely, that the the firm is profit-maximizing (making as much money as they can.)...