The opportunity cost of going to a night party instead of babysitting at home is:
- The benefit of taking care of the baby adequately and completing your work that you would have gained from babysitting that night.
<h3>What is an opportunity cost?</h3>
This is the loss of value or benefit that would have been incurred by engaging in an activity rather than engaging in an alternative activity.
The opportunity cost in this scenario is the value of what you gave up in other to attend the party, which was to babysit the child and take proper care of the baby.
In conclusion, an opportunity cost is the loss of other alternatives when one alternative is already chosen.
Read more about <em>opportunity cost</em> here:
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