1. In your own words, write what opportunity cost means. 2. Your uncle just gave you $15.00 for your birthday. You want to spend it on either a
soccer ball, a large box of candy, or a new T-shirt. (Each costs $15.) Put 1 under your
first choice, 2 under your second choice, and 3 under your third choice.
1. T-shirt 2. Large box of candy 3. Soccer ball
3. What is the opportunity cost of your first choice above? |
4. Were your choices the same as those of your classmates?
Why not?
5. Suppose your friend has the same first choice as you. Does this mean his or her
opportunity cost is the same as yours? Why or why not?
6. Sarah has 1 hour until bedtime. She can read a book, play a game, or bake a cake.
She decides to play a game. Her second choice is to read a book, and her third choice
is to bake a cake.
a. What is the opportunity cost of her decision to play a game?
b. Can Sarah's opportunity cost be reading the book and baking a cake?
Why or why not?
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