(1) You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.
(2) Think about what you would be doing if you weren’t in class. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you were not in class, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of sitting in class.
(3) The classic example of opportunity cost is the costs of going to college. Illustrate the implicit opportunity cost of foregone income as well as tuition, books, etc. Think about whether room and board should be considered a cost of college. Calculate (in $$$) your opportunity costs of going to college.
(4) Discuss the opportunity costs of natural disasters. Calculate (in $$$) your opportunity costs of natural disaster.
(5) Read the articles and create your own example of opportunity costs. Your ideas should be supported by calculation (in $$$) of opportunity costs.