Please explains of this examples, this is the questions what was your opportunity cost and explain how you made that decision using the opportunity cost concept. Give an example from one of the choices you made among alternatives this week. What was your opportunity cost? Explain how you made that decision using the opportunity cost concept. Why would a hot dog vendor on a New York street corner lower the price of dogs late in the day? Why would a poor family in a developing country chose to send a 10-year-old to work in a factory rather than to school, even though they know that being able to read and write would offer the child better options for the future? What do so many more inventions and innovations come from western countries where property rights are secure than from developing and communist countries where they are not? Why are people in some parts of the world willing to work for $1 per day and in the U.S. employers often have trouble finding people willing to work minimum wage jobs?
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What was your opportunity cost and explain how you made that decision using the opportunity cost concept. Example: I had to choose between going to a friend's party or studying for an exam. My opportunity cost was the enjoyment and socializing I would have had at Show more…
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Demonstrate how individuals evaluate opportunity costs to make business decisions? Explain what role the production-possibility frontier (PPF) has in the decision-making process.]
Christopher D.
Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $150 to see a concert. You can either see "Hot Stuff" or you can see "Good Times Band." Assume that you value the Hot Stuff concert at $225 and the Good Times concert at $150. Both concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff's concert and you have to be in school the next morning for an exam. Good Times is right here in town. Explain how you would assess the opportunity cost of seeing Good Times in concert. What is the opportunity cost of going to the Good Times concert?
Anjali K.
The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in $$$) your opportunity costs of going to college.
Crystal W.
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