Cindy has been invited to a sleep over at Chloes house for this Saturday. Cindy has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloes house. What is the opportunity cost of her decision?

OPPORTUNITY COST

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Cindy has been invited to a sleep over at Chloe’s house for this Saturday. Cindy has tickets to see her favorite band in concert that same night. She decides to give the tickets to her sister and go to Chloe’s house. What is the opportunity cost of her decision?

A	seeing her favorite band
B	spending time at a friends house
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -The correct answer to the given question is option c) the value of your time, but not the price you pay for the ticket.

Detailed explanation-2: -The opportunity cost will be the time foregone spent at home instead of time for reaching the concert and then attending the concert and the time to reach home afterward.

Detailed explanation-3: -What are some other examples of opportunity cost? A student spends three hours and $20 at the movies the night before an exam. The opportunity cost is time spent studying and that money to spend on something else.

Detailed explanation-4: -The opportunity cost of attending one class is the sum of the explicit and implicit costs. Not only do students benefit from a practical application of an important economic concept, they also become more aware of the importance of attending class!

There is 1 question to complete.

ECONOMICS (CBSE/UGC NET)

ECONOMICS

OPPORTUNITY COST