A firm purchased copper pipes a few years ago at $ 10 per pipe and stored them,

Question:

A firm purchased copper pipes a few years ago at $ 10 per pipe and stored them, using them only as the need arises. The firm could sell its remaining pipes in the market at the current price of $ 9. What is the of each pipe and what is the sunk cost?

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,...