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What is the opportunity cost in this
scenario?
Harry has been very busy at work for the
past two weeks. He has been working
weekends too. Finally, he is going to get a
weekend off. Originally, he planned to
paint his apartment that weekend. He also
considered going fishing for the weekend.
But then his parents called and asked him
to come for dinner because it has been a
while since they have seen each other.
Later on, his friend Theo informed him
about a surprise birthday party for another
friend. Theo plans to reserve a room at a
restaurant for the celebration, with the cost
to reserve the room split between Theo,
Harry, and three other friends.
Now Harry is confused about what he
should do over the weekend. He decides
that, for him, the most important
commitments are going over to his parent's
house and attending his friend's birthday
party. In the end, Harry decides to see his
parents.

Sagot :

The opportunity cost in the scenario above is the three lost possibilities, Harry could have undergone but decided to go to his parents house.

  1. Hid plans to paint his flat that weekend.
  2. He considered also going fishing for the weekend.
  3. Hi friend Theo request to the surprise birthday reception for another friend.

What is the opportunity cost in the scenario?

“Possibility cost is the weight of the next-best option when a decision is made; it's what is given up,” describes Andrea Caceres-Santamaria, aging financial education specialist at the St. Louis Fed, in a current Page One Economics: Money and Skipped Opportunities

To learn more about scenario , refer

https://brainly.com/question/14846093

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