Answer:

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Explanation:

So what is an opportunity cost remember that an opportunity costs is the best alternative foregone right. It is the value of what you give up to do something, so we are going to buy apples. The opportunity costs here is the other other fruits or snacks that you didn't buy right. If you bought apples because you wanted fruit, you did not buy bananas, you did not buy peaches, you did not buy pairs, you did not buy chocolate right. The the person you spent your money on an apple- and that means you gave up some other fruit snack right b- is going to be an economics degree. This depends a lot on the person, but it could be, for example, value of another degree. Maybe your second best choice was to do physics or computer science. It could have been value of going to work or going to a community college right going to a different type of education. All these things are what you are going to be doing. Instead of going to and doing an ekonomicy, but all of them boiled down to in some sense the value of time you are giving up like 4 years of your life, to do an economics degree, 4 years that you cannot get back and you can do a Lot with 4 years of your life right, you could have become a skilled electrician. You could have studied history, you could have studied computer science. The which 1 of these is best depends on the person right it doesn't. You know not. The same degree is not right for everyone, some people who, if they were forced to quit their economics degree, might do computer science. Some people might go and become electricians. You can't say exactly what the opportunity cost is here, because people are different, but these are the sorts of things that people are giving up and see a factory. Well, the obvious thing that we're giving up is food right. It could easily be food, but it could also be a say, an apartment building. That'S another thing that we're giving up. It'S not clear that it has to be food right. It might be that the best alternative to the factory is just keep growing food, but maybe the best thing is there is to build housings right. Housing might be a better option than food right. It'S like well this farm. Maybe the soil is not very good. Any more, maybe too close to the city. We want to develop it and move farm somewhere else where land is cheaper, so it doesn't have to be food. It might be that the factory is the best. The apartment building is the second best and keeping it as firm land is the third best right. So it's it's. These are the sorts of opportunity costs we're considering when we convert the farm land to a factory.

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