A busy small business owner is considering purchasing groceries through a premium home 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)
If the small business owner chooses to buy groceries through the premium home delivery service, the opportunity cost would be the extra money spent on the higher cost of the groceries. The trade-off would be the convenience and time saved from not having to go to the store. On the other hand, if the small business owner chooses to buy groceries in the store, the opportunity cost would be the time spent on shopping and the trade-off would be the lower cost of the groceries.
If the small business owner chooses to buy groceries through the premium home delivery service, the opportunity cost would be the extra money spent on the higher cost of groceries. The trade-off would be the convenience and time saved from not having to go to the store to purchase groceries. On the other hand, if the small business owner chooses to buy groceries in the store, the opportunity cost would be the time and effort spent on going to the store and purchasing groceries. The trade-off would be the potential savings in grocery costs compared to the premium home delivery service.
