Economics305

posted by .

We make choices as consumers every day. Opportunity cost is defined as a person’s "next best alternative" or "the cost of what you give up when you make a choice."

Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your "next best alternative"?

  • Economics305 -

    How would you like us to help you with this assignment?

  • Economics305 -

    Ms. Sue,

    Answer the question the way it is.

  • Economics305 -

    OK.

    Since I retired almost 15 years ago as a teacher, so I've made no "recent decisions" about my career.

  • Economics305 -

    Fifteen years ago I decided to retire. I gave up income and increased credits for my pension.

    My next best alternative was to work as a substitute teacher to continue earning some income.

  • Economics305 -

    Just a minute! Please understand that this is a HELP site, after you DO what you can. Please do not ask us to answer YOUR homework questions. How do we know what decisions you have made?

    Sra

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Econ

    Pat takes 4 hours to brew 5 L of beer and 2 hours to make a pizza. Kris takes 6 hours to brew 5 L of beer and 4 hours to make a pizza. What is Pat and Kris's opportunity cost of making a pizza?
  2. economics- opportunity cost

    how does opportunity cost vary? why does opportunity cost vary?
  3. microeconomic first principals

    the best measure of the opportunity cost of any choice is: the monetary cost of that choice. whatever you have given up to give that choice,even if no monetary costs are involved. the cost associated with not taking full advantage …
  4. Economics

    ob's lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $27 each. His total cost each day is $280, of which $30 is a fixed cost. He mows 10 lawn a day. What can you say about Bob's short-run decision regarding …
  5. 12th grade A.P.Economics

    Identify the trade-offs and opportunity cost of a decision using a decision-making grid. I know how to make a decision-making grid to show the opportnity cost....but how do i identify trade-off and opportunity cost in the grid?
  6. communication

    can cost alone be a mitigating factor if a health issue is serious enough?
  7. Business studies

    Frank owns a soda fountain and sells milkshakes. he sells 50 milkshakes per day for $5 each. his daily total cost is $290, of which $30 is fixed cost. What can you say about Franks short run decision regarding shut down and long run …
  8. micro economics

    Frank owns a soda fountain and sells milkshakes. he sells 50 milkshakes per day for $5 each. his daily cost is $290, of which $30 is fixed cost. what can you say about Franks short run decision regarding shut down and his long run …
  9. economics

    Bob's lawn mowing service is a profit-maximizing competitive firm. Bob mows lawns for $27.00 each. His total cost each day is $280 , of which $30 is a fixed cost. He mows 10 lawns a day. What can you say about Bob's short-run decision …
  10. Economics

    1) Give an example of a fairly major purchasing decision you've made in your lifetime. How did you justify the purchase?

More Similar Questions