Question

You're trying to decide whether or not to leave a concert early. the opportunity cost of staying is ______________, and the opportunity cost of leaving early is ___________________.

Answer 1

If the cost of the concert ticket is $50 and I would have spent those three hours working for $10 per hour  the opportunity cost of going to the concert is what I could have purchased for $80 (the $50 plus 3 hours times $10.

As a rule of thumb  arriving 2 hours before the show starts is ideal. If we have reserved seats  showing up 15 minutes before the opening act is sufficient of course we understand if certain situations prevent you from being there bright and early. We'll go over some variables and exceptions to the 2-hour rule.

The concept of opportunity cost states that the cost of one item is the value of the next best option in other words  the cost of one item is the value of the lost opportunity to do or consume something else.

Learn more about  opportunity  here

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