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1.
Opportunity cost is the cost of the next best alternative. As the $10 could have been invested in a bank with interest, $10 is the opportunity cost.
Sunk costs are the costs that cannot be recovered and $10-$9 = $1 per pipe is the sunk cost....
Opportunity cost is the cost of the next best alternative. As the $10 could have been invested in a bank with interest, $10 is the opportunity cost.
Sunk costs are the costs that cannot be recovered and $10-$9 = $1 per pipe is the sunk cost....
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