A busy small business owner is considering purchasing groceries through a premium nome delivery service because of its convenience. The service provides the best groceries and costs significantly more than buying groceries in the store, but home delivery is an attractive feature Examine the opportunity costs and trade-offs of the small business owner choosing to buy groceries through this premium home delivery service. Compare your findings with the opportunity costs and trade-offs if the small business owner were to choose buying groceries in the store instead. Write 3-5 sentences. (4 points)
By choosing to purchase groceries through the premium home delivery service, the small business owner is trading off the higher cost of groceries for the convenience of having them delivered to their doorstep. The opportunity cost in this scenario is the extra money spent on the premium service, which could have been used for other business expenses. On the other hand, if the small business owner were to buy groceries in the store, they would have to trade off the convenience of home delivery for lower cost groceries and potentially save money in the long run. The opportunity cost in this scenario would be the time and effort spent on grocery shopping that could have been used for business activities. Overall, the trade-offs and opportunity costs differ depending on the choice made by the small business owner.
