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Chapter 9 -ST Decision Making

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › Chapter 9 -ST Decision Making

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by John Moffat.
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  • March 24, 2015 at 10:52 pm #238627
    Lee Taylor
    Participant
    • Topics: 25
    • Replies: 18
    • ☆

    Good evening John

    i am reading page 40 and having difficulty in understanding what an opportunity cost is.

    could you please provide me with a further example that explains what this cost is

    thanks

    March 25, 2015 at 7:07 am #238679
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54754
    • ☆☆☆☆☆

    An opportunity cost is lost income as a result of doing the contract.

    For example, suppose taking on a contract will mean that we lose $100 of income that we are currently receiving elsewhere. Doing the contract is therefore costing us $100. We call this an opportunity cost.

    (There is a free lecture on relevant costing included in the list of revision lectures for F5 – you will find it useful.)

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