What is the opportunity cost of coffee

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Reference no: EM133494488

Problem

Part 1: You have learned about opportunity cost, which is the value of the next best choice sacrificed. So, when you buy a coffee at the store, what is your opportunity cost?

Scenario I: If you buy it right away and there is no line, would you say the opportunity cost of coffee is just the price you paid, e.g., $2.00?

Scenario II: If there is long line and you must wait one hour to get the coffee, what is the opportunity cost of coffee? Is it still $2.00 now that you arrive one hour late at work and miss the opportunity to make $20.00 during that one hour?

Part 2: Can you explain what is the opportunity cost of getting a college degree? Please list all the items that make up the opportunity cost (You do not need to provide exact numbers or any numbers at all). What are the benefits of getting a degree and is it worth it?

Reference no: EM133494488

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