Question

Gas costs $3 per gallon at a nearby gas station. there is a gas station about an hour away that has gas for sale for $2.90 per gallon. salvador plans to drive an hour to and from this gas station to fill his car up with 10 gallons of gas. what should salvador understand before he launches into his plan?

Answer 1

The correct option is C.

He will likely lose money by driving an hour to get the discount gas.

What is  the opportunity cost ?

When compared to engaging in an alternative activity that offers a higher return on value or benefit, the opportunity cost of a specific activity option is the value or benefit that would be lost by doing that activity.

The word "opportunity cost" in economics describes the worth of what you must forgo in order to chose something else. It's a value of the path not traveled, to put it briefly.

Given that:

Gas is $3 per gallon.

The price per gallon is $2.90.

With 10 gallons of gas, the Salvador intends to go for an hour.

This means that the saver will have to spend money on gas by driving the car.

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I understand that the question you are looking for is:

Gas costs $3 per gallon at a nearby gas station. There is a gas station about an hour away that has gas for sale for $2.90 per gallon. Salvador plans to drive an hour to and from this gas station to fill his car up with 10 gallons of gas. What should Salvador understand before he launches into his plan?

A. The $30 savings are worth the drive to the other gas station.

B. He will save $3 by driving an hour to get the discount gas.

C. He will likely lose money by driving an hour to get the discount gas.

D. It is always better to buy something at the lowest price available.