For each of the following, describe the opportunity cost when you decide to do each activity.
Go to the beach or study for an exam
Get a job after high school or go to college
Leave early for school or eat breakfast
Go to the movies or complete your portion of a group project
Go to a party at a friend’s house or go home early on a school night

Question

14-02-2020
Business

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For each of the following, describe the opportunity cost when you decide to do each activity.
Go to the beach or study for an exam
Get a job after high school or go to college
Leave early for school or eat breakfast
Go to the movies or complete your portion of a group project
Go to a party at a friend’s house or go home early on a school night

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bcrinitiative bcrinitiative · Answer 1 · 2020-02-14T08:24:07+01:00

Answer:

The opportunity cost of going to the beach is lost time to study for the exam

The opportunity cost of going to college is the lost earnings from getting a paying job after high school

The opportunity cost of eating breakfast is arriving late to school

The opportunity cost of going to the movies is not completing your portion of the group project

The opportunity cost of going to a party at a friend's house on a school night is the inability to wake up early the next morning

Explanation:

An opportunity cost is the lost benefit attached to choosing one option over another. The scenarios given require the consequences which occur as a result of not choosing one option of the two alternatives presented. In each of the given cases, the foregone benefit varies depending on the option selected.