Question

Economists are obsessed with opportunity costs and they believe that nothing is free in this world;...

Economists are obsessed with opportunity costs and they believe that nothing is free in this world; probably you have heard of the saying “there’s no such thing as a free lunch"!

  • When someone invites you to lunch and pays for it, is that lunch really free?
  • Give examples of non-monetary costs you incur if you accept the invitation?
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Answer #1

a) NO, even if some one invites me and pays for it, even then the lunch is not free. It involves opportunity cost i.e. the cost we have given up to be there in that lunch. It can be anything. If we could have watched a movie sitting at home then the cost of that lunch is a movie i.e. the task which we could have done at that time but could not do because of lunch invitation.

b) Some examples of no monetary cost which we incur are watch movie instead of lunch, Solving problems of economics, playing PUBG etc.

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