Question

You were planning to spend your Saturday working at your part-time job, but a friend asks you to go trekking at Karagöl. What is the true cost of going trekking? Now suppose that you had been planning to spend the day studying at the library. What is the cost of going trekking in this case?

Answer 1

Answer:

the true cost (opportunity cost) of going trekking is what the amount that you could have earned from your part time job on that day instead of going trekking. If you were planning to to study, then the true cost of trekking with your friend would be the loss of all the potential knowledge that you could have gain from studying.

Explanation:

opportunity cost is the loss of potential gain from other alternatives when one alternative is chosen.