Question

For each of the five situations below, suggest the opportunity (real) cost of the person’s choice. In the text box, describe the choice and opportunity cost of each situation. Use a sentence that begins “When…chose the…, his/her opportunity cost was…” Be prepared to explain your answer if I do not belive it's clear enough for full credit.

Answer 1

1. When Tonya chose the chicken, her opportunity cost was eating the burger.
2. When Jimmy chose the licorice, his opportunity cost was buying the jelly beans. The chocolate nut clusters are not considered because, since Jimmy is allergic, he wouldn't be able to buy them in any circumstance.
3. When Mary chose the dress, her opportunity cost was buying the jacket and the shoes.
4. When Joe chose the Ford, his opportunity cost was buying the Chevrolet.
5. When the city chose the wading pool, its opportunity cost was the music stage. The parking lot is not an opportunity cost because it was not part of the city's two choices.