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12 September, 18:10

A college student is faced with a difficult decision of how to spend one hour tonight. She could babysit her professor's child at an hourly wage of $7; she could work at the college library at a wage of $6; or she could finish her economics homework assignment. If she chooses to complete her homework assignment, she has incurred an opportunity cost equal to:

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  1. 12 September, 18:33
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    The opportunity cost is $7.

    Explanation:

    The opportunity cost involved in a decision is the cost of sacrificing its second-best alternative.

    A college student could babysit her professor's child at an hourly wage of $7; she could work at the college library at a wage of $6; or she could finish her economics homework assignment.

    If she decides to finish her assignment she is letting go wage of $7 and $6. Here, the second-best alternative is $7, so it is the opportunity cost.
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