Because Ashanti can walk six dogs or mow three lawns in two hours, her opportunity cost for each additional dog walked is 0.5 lawns mowed.
What is an opportunity cost?
It is about a potential benefits that an individual, investor or business misses out on when they have to choose one alternative over another.
As an opportunity costs are unseen, they can be easily overlooked but when we understand the potential missed opportunities, it allows a business or individual to make better decision making.
Hence, because Ashanti can walk six dogs or mow three lawns in two hours, her opportunity cost for each additional dog walked is 0.5 lawns mowed.
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