Question

3. Provide me 5 different unique examples of opportunity cost.

3. Provide me 5 different unique examples of opportunity cost.

Homework Answers

Answer #1

Opportunity cost can be defined as the value of something when we chose a particular course of action.

  • If someone gives up going to see a film to prepare for the studies for acquiring a good grade. Here the opportunity cost is the cost of the film and also the enjoyment by watching it.
  • A baseball player take part in the training to be a better player rather than taking a vacation. Here the opportunity cost was the vacation.
  • If you planned not to go to a job or work, the opportunity cost is the loss of income or wages.
  • John decided to quit working and got to college for higher studies. The opportunity cost of this particular decision is the loss of income for that particular year.
  • The opportunity cost of taking a leave or a vacation instead of spending money on buying new commodities is not getting the new commodities.
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