Please Explain the Difference Between a Sunk Cost and an Opportunity

question 107

Essay

Please explain the difference between a sunk cost and an opportunity cost and give an example of each type of cost.

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Definitions:

Data

The facts and figures collected, analyzed, and summarized for presentation and interpretation.

Nominal Scale

A measurement scale used for categorization without a natural order or rank.

Numeric

Relating to, measurable in, or expressed as numbers or numerical data.

Nonnumeric

Pertaining to data that cannot be quantified or counted numerically, typically qualitative data.