Final answer:
The average cost per day of a three-day theme park pass is $30 per person. Understanding the principles of marginal and opportunity costs can help make cost-effective decisions, which can lead to significant long-term savings and influence behavior.
Step-by-step explanation:
The student's question falls under the concept of marginal cost and opportunity cost, which are important concepts in economics, a branch of social studies that often intersects with mathematics. To calculate the average cost per day of a three-day pass at the theme park, you would divide the total cost of the pass by the number of days it covers. Therefore, the average cost per day would be $90 divided by 3 days, which equals $30 per person per day. This demonstrates that the marginal cost of adding an extra day to the pass decreases as the number of days increases, providing a better value overall.
When considering the opportunity cost of choices, it is useful to project the long-term implications of those decisions. For instance, saving $5 each day by bringing lunch from home instead of eating out can add up to significant savings over a year, which could be used for something substantial like a vacation. Understanding opportunity costs can help individuals make more informed decisions that align with their long-term financial goals or personal values.
The concept of marginal cost is closely related to the broader economic principle of opportunity cost, which describes the potential benefits that are foregone by choosing one alternative over another. Realizing and calculating these costs can significantly alter decision-making behavior.