Question

The five dollar burger joint gift card that your friend gave you for your birthday expires today. you can either use the gift card to buy yourself dinner at burger joint or you can stay home and eat a delicious home-cooked meal. what is the opportunity cost of eating the home-cooked meal

Answer 1

Opportunity cost is the estimation or value of your best option. If you're going to base it to this situation, first is that you should know your best option which is to get a five-dollar dinner at Burger Joint. Through this, you will appreciate the estimation of the dinner and the fact that you don't have to cook your dinner at home. Through this, you can compare the value of your ingredients if you cook at home and the five-dollar dinner at Burger Joint.to the home-cooked meal and the value of a five-dollar dinner at Burger Joint.

Answer 2

Opportunity cost is characterized as the estimation or value of the next best option. For this situation your next best option is to get a five-dollar dinner at Burger Joint. In the event that you do that, you will appreciate the estimation of that dinner. Likewise, it is essential to take note of that on the off chance that you don't have the home-cooked meal, you can utilize the elements for a meal later.
Thus, the opportunity cost includes the value of the ingredients that went into the home-cooked meal and the value of a five-dollar dinner at Burger Joint.