Macroeconomics: Opportunity cost
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You can either spend spring break working at home in Alabama for $100 a day for five days, or you can spend the week in Costa Rica where travel expenses will total $800 (food, hotel, and a plane ticket.) What is the opportunity cost of the trip to Costa Rica? Explain how you determined your answer.
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Solution Summary
This solution clearly explains the opportunity cost concept by calculating an example of working in Alabama vs traveling in Costa Rica.
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Number of alternatives: 2 ($500 work at home, - $800 Costa Rica trip)
Cost of selected Alternative = ...
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