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What is the opportunity cost of the trip to Costa Rica?

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You can either spend spring break working at home in Alabama for $200 a day for five days, or you can spend the week in Costa Rica where travel expenses will total $700 (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

The opportunity cost of the trip to Costa Rica are examined.

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Answer:
Given that,
Earning per day working at home=$200 per day for 5 days
Expense for a week ...

Solution provided by:
Jayant Kumar, MBA
Education
  • MBA, Indian Institute of Finance
  • Bsc, Madras University
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