Question

you normally stay at home on wednesday nights and study. however, next wednesday night, your best friend is having a big birthday party. what might be the opportunity cost of going to the party?

Answer 1

The value of what you forgo in order to attend the party is known as the opportunity cost. due to you Normally studying at home, the advantage of the party outweighs the potential cost (such as a greater that you would have learned from studying that evening (for homework or a test).

What is meant by opportunity cost?

In other terms, opportunity cost is the other option or opportunity you must forgo in order to pursue your preferred alternative. It is, to put it simply, what we have to give up in order to act.

For instance, if you attend your friend's birthday celebration, you will undoubtedly miss your preferred study period for the exam the following day. This may result in a gorgeous crimson "F" on your exam paper, which would be a terrible loss. For this reason, sane people who are aware that they are not intelligent enough to review for the test while intoxicated in five minutes typically opt to stay at home and study. The inability to study for your exam in this instance is a lost opportunity.

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