Maria goes on a shopping trip to get ready for her vacation. She loads her cart with a bathing suit for $15.00, a sun hat for $8.00, magazines for $8.00, and a beach towel for $7.00. When she gets to the register, she realizes she only has $20.00 in her pocket.
Question
Use the passage to answer the question.
If Maria decides to purchase the sun hat and towel, what is the opportunity cost of her purchase? Select all that apply.
The opportunity cost of Maria's purchase can be calculated by adding up the prices of the items she did not purchase. In this case, the items she did not purchase are the bathing suit and magazines.
- The opportunity cost of not purchasing the bathing suit is $15.00.
- The opportunity cost of not purchasing the magazines is $8.00.
So the opportunity cost of her purchase is $15.00 + $8.00 = $23.00.
Therefore, the opportunity cost of her purchase is $23.00.