Khan Academy
Khan Academy: Optimal Decision Making and Opportunity Costs
A rational agent considers all costs, including explicit and implicit costs, when deciding whether or not to undertake an action. In this video [5:08], learn about how opportunity costs represent the cost of the next best alternative.
Khan Academy
Khan Academy: Opportunity Cost and Comparative Advantage Using an Output Table
In this video [9:55], we use the PPCs for two different countries that each produce two goods in order to create an output table based on the data in the graph. We then use the output table to determine the opportunity costs of producing...
