Lisa is choosing between three alternatives:

a. working on her job that pays 60 dollars;

b. writing a term paper which she values at 40 dollars; or

c. going out with a friend, which she values at 80 dollars. the opportunity cost of writing the term paper is:

Question

Business

Jerimiah Dougherty

26 January, 14:11

Lisa is choosing between three alternatives:

a. working on her job that pays 60 dollars;

b. writing a term paper which she values at 40 dollars; or

c. going out with a friend, which she values at 80 dollars. the opportunity cost of writing the term paper is:

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Answers (1)

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Rafael Ferrell · Answer 1

Opportunity cost is something you gave up to do the other thing you want to do. This is basically the loss of potential gain you can have on a certain alternative because of choosing the other alternative. In this problem, the opportunity cost of writing the term paper is $140 dollars. This can be break-down as follows:

a. $60 opportunity cost she has given up for not working on her job

b. $80 opportunity cost she has given up for not going out with a friend

Lisa is choosing between three alternatives:a. working on her job that pays 60 dollars;b. writing a term paper which she values at 40 dollars; orc. going out with a friend, which she values at 80 dollars. the opportunity cost of writing the term paper is:

Lisa is choosing between three alternatives:

a. working on her job that pays 60 dollars;

b. writing a term paper which she values at 40 dollars; or

c. going out with a friend, which she values at 80 dollars. the opportunity cost of writing the term paper is: