Question

Suppose that, when you arrive at the sale site for $50 Apple laptops (described in the text) at 1:45 A.M., you find more than 2,000 people already waiting for the site to open. You turn around and go home to get some sleep. Later you buy an Apple laptop, the same model as the $50 one, for $1,070.

Answer 1

Full question:

Suppose that, when you arrive at the sale site for $50 Apple laptops (described in the text) at 1:45 A.M., you find more than 2,000 people already waiting for the site to open. You turn around and go home to get some sleep. Later you buy an Apple laptop, the same model as the $50 one, for $1,070. This indicates that ________.

Answer:

your opportunity cost of waiting at the site (and pushing and shoving) is at least $1,020

Explanation:

If you had decided to stay and wait and go through the hassle of pushing and grabbing in the queue to get a laptop of $50, you would have saved $1020. This is an opportunity that you have not(forgone) used and so you pay for it in the form of increased price of the apple laptop at $1070.