Question

You’re dreaming of what to do while stuck at home. You could wash the dishes which...

You’re dreaming of what to do while stuck at home. You could wash the dishes which you would pay someone $5 to do for you. You could play Minecraft which you value at $11. You could also take a nap and ignore everyone and everything else which you would pay $17 to do. If you to take a nap, what is your opportunity cost?

Group of answer choices

$17

$16

$11

$5

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Answer #1

Opportunity cost is the value of next best alternative that you have foregone in order to choose the alternative you have chose.

Here he chose to take a nap. If he did not take the nap then he can either wash the dishes and save $5 or he can play minecraft and thus obtain utility worth $12.

So, If he does not take a nap, then his next best alternative is play minecraft($11 >$ 5) which is worth $11. So, In order to take a nap he has sacrificed $11(Next best alternative) and opportunity cost of taking a nap is $11.

Hence, the correct answer is (c) $11.

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