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Explain what role opportunity cost plays in the following situations:
a. You are deciding between buying a high-priced flat-screen TV vs. a moderately-priced one. (You must include both the opportunity cost of a high-priced screen and the opportunity cost of the low priced screen.)
b. You are deciding whether to buy a gift online or go to an actual store to buy it. What is the opportunity cost of buying the gift online? What is the opportunity cost of going to the actual store?
c. Your firm is trying to decide whether to allocate part of its budget to prototyping and testing and new product X. What is the opportunity cost of doing this?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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