Question

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)

Answer 1

[AI-generated answer — Bot GPT 3.5]

The opportunity cost of the small business owner choosing to buy groceries through the premium home delivery service is the extra cost incurred for the convenience of having groceries delivered. The trade-off is sacrificing saving money by purchasing groceries at a lower cost in the store. On the other hand, if the small business owner were to choose buying groceries in the store, the opportunity cost would be the time spent shopping in the store instead of working on their business, and the trade-off would be the convenience of having groceries delivered to their doorstep. Ultimately, the small business owner must weigh the costs and benefits of each option to make the best decision for their business and personal needs.