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.

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22-02-2018
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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.

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signingpio9036 signingpio9036 · Answer 1 · 2018-10-28T18:04:10+01:00

The opportunity cost in this scenario is the three lost opportunities Harry experiences by deciding to go to his parents house. The term opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen. The potential gain Harry may have lost by choosing to go to his parents for dinner instead could be relaxation while fishing, His house painting being finished, and time spent with his friends at the birthday party. These all can be considers lost opportunity due to choosing an alternate opportunity, that being dinner at his parents.

Martebi Martebi · Answer 2 · 2021-11-02T13:11:53+01:00

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

They are:

Hid plans to paint his apartment that weekend.
He considered also going fishing for the weekend.
Hi friend Theo invite to the surprise birthday party for another friend.

Opportunity cost of a resource, is often regarded as the sum or value of the next-highest-valued alternative use of that resource.

Example is when A phone company produces fewer phones to meet tablet demand.

Conclusively, the opportunity cost is gotten by the difference between the expected returns of each option.

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