Managerial economics discussion 2 | Economics homework help

 

Each week, you will be asked to respond to the prompt or prompts in the discussion forum. Your initial post should be 300 or more words in length, respond to two additional posts from your peers. 

Opportunity Cost

Every decision has an Opportunity Cost due to the nature of scarcity, there is always a better alternative not chosen, therefore, there is always an opportunity cost. “The opportunity cost of an alternative is what you give up to pursue it” (Froeb, McCann,Shor & Ward, 2016). When you go to a Maroon 5 concert, you give up $100 of benefits you would have received if you had gone to a Beyoncé concert. Also, you would also avoid $80 of cost for the Beyoncé concert. According to the definition below, the opportunity cost of seeing Maroon 5 concert is $100 – $80 = $20.  Please delve into the statement there are always opportunity costs.  How can an individual make the best decision?  Is there a best decision?  Would one miss an opportunity not attending one of the concerts? Include a minimum of one reference.

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