What is the opportunity cost in this scenario?
Harry has been very busy at work for the past two weeks. He has been working weekends too. Finally, he is going to get a weekend off. Originally, he planned to paint his apartment that weekend. He also considered going fishing for the weekend. But then his parents called and asked him to come for dinner because it has been a while since they have seen each other.

Later on, his friend Theo informed him about a surprise birthday party for another friend. Theo plans to reserve a room at a restaurant for the celebration, with the cost to reserve the room split between Theo, Harry, and three other friends.

Now Harry is confused about what he should do over the weekend. He decides that, for him, the most important commitments are going over to his parent's house and attending his friend's birthday party. In the end, Harry decides to see his parents.

Question

jarmstrong23 jarmstrong23

14-06-2017
Social Studies

contestada

What is the opportunity cost in this scenario?
Harry has been very busy at work for the past two weeks. He has been working weekends too. Finally, he is going to get a weekend off. Originally, he planned to paint his apartment that weekend. He also considered going fishing for the weekend. But then his parents called and asked him to come for dinner because it has been a while since they have seen each other.

Later on, his friend Theo informed him about a surprise birthday party for another friend. Theo plans to reserve a room at a restaurant for the celebration, with the cost to reserve the room split between Theo, Harry, and three other friends.

Now Harry is confused about what he should do over the weekend. He decides that, for him, the most important commitments are going over to his parent's house and attending his friend's birthday party. In the end, Harry decides to see his parents.

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Erudite1 Erudite1 · Answer 1 · 2017-06-21T12:18:58+02:00

Opportunity cost refers to a value that a person could have have received but which the person gave up in preference for another value. It is also called alternative cost. In the scenario given above, Harry decided that the most important commitments for him are to go over to his parent's house and to attending his friend's birthday party. But eventually, he gave up going to his friend's birthday party and go to his parent's house instead. So the opportunity cost in this scenario is the friend'd birthday party which Harry gave up.