For each of the five situations below, identify the opportunity cost of the person's choice. Describe the choice and opportunity cost of each situation. "Use a sentence that begins "When...chose the..., his/her opportunity cost was...".
Jimmy went to a candy store. He really wanted chocolate nut clusters, jelly beans, and licorice. He only had enough money to buy one of them. He can't eat chocolate or nuts because of an allergy. He decided to buy some licorice. What was his opportunity cost?
When Jimmy chose to buy licorice at the candy store, his opportunity cost was not being able to satisfy his desire for chocolate nut clusters and jelly beans.
When Jimmy chose to buy licorice at the candy store, his opportunity cost was not being able to satisfy his cravings for chocolate nut clusters and jelly beans.
To find out the opportunity cost in this situation, we need to identify the choice made by Jimmy and what he has given up as a result.
When Jimmy chose to buy some licorice from the candy store, his opportunity cost was not being able to enjoy the chocolate nut clusters and jelly beans. Despite his preference for them, he had to forgo these options because of his allergy to chocolate and nuts.