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There are various sources of income a te...

There are various sources of income a teacher has, such as,
(i) He can earn Rs. 40000 from teaching in school.
(ii) He can earn Rs. 50000 by tuition/coaching
(iii) He earns Rs. 60000 by writing the help book guides.
What is the opportunity cost of his teaching in school? Why should he choose teaching profession?

Text Solution

Verified by Experts

Opportunity cost of teaching is the writing of books. He should choose teaching profession because it provides maximum social welfare.
Value: Social welfare
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