1. Define opportunity cost and give an example of how opportunity costs might affect your financial decision...

Question:

1. Define and give an example of how opportunity costs might affect your financial decision making.
2. Explain and give an example of how marginal analysis makes some financial decision easier.
3. Describe and give an example of how income taxes can affect financial decision making. Opportunity Cost
Opportunity cost is the profit lost when one alternative is selected over another. The Opportunity Cost refers to the expected returns from the second best alternative use of resources that are foregone due to the scarcity of resources such as land,...