Question

Suppose there are three activities in which you could​ participate: 1. the opportunity cost of the first activity is missing 3 hours of work. 2. the opportunity cost of the second activity is missing a concert that you have tickets to. 3. the opportunity cost of the third activity is missing the afternoon nap that you take every day. given this​ information, for which of these activities would you be able to compare opportunity​ costs?

Answer 1

The answer is : You can compare all the activities after you translate all the missed activities into dollar amounts. The opportunity cost is what you must give up in order to get something else. Missing 3 hours of work is lost wages. Watching a concert is expenses for the cost of the tickets, etc.