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A doctor has a private clinic in New Delhi and his annual earnings are Rs 10 lakh. If he works in a government hospital in New Delhi, his annual earning will be Rs 8 lakh. What is the opportunity cost
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Oct 4, 2022
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iskralawrence
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A doctor has a private clinic in New Delhi and his annual earnings are Rs 10 lakh. If he works in a government hospital in New Delhi, his annual earning will be Rs 8 lakh. What is the opportunity cost of having a clinic in New Delhi?
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Oct 4, 2022
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iskralawrence
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Answer: The opportunity cost of opening a clinic in New Delhi is Rs 8 lakh, that he could have earned in the next best alternative use, by working in a government hospital in New Delhi.
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