Chapter 2, Problem 1QFR

Identify and describe the opportunity cost of an activity that you enjoy. Remember to consider everything you must give up to take part in this activity.   Using opportunity cost and benefits, demonstrate how someone might decide whether to participate in your activity or not.

You leave work two hours early from $10 an hour job, stopping to buy a $15 take-out dinner as you always do when you leave work, to attend the cricket match with a ticket price of $30. What is the value of the opportunity cost of attending the match?

What is the opportunity cost of going to a movie? the price of the ticket the price of the ticket plus the cost of any soda and popcorn you buy at the theatre the total cash expenditure needed to go to the movie plus the value of your time zero, as long as you enjoy the movie and consider it a worthwhile use of time and money