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Opportunity Cost

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The alternatives to going out for pizza with my family last night which cost me $30 were: we could have gone to the movies for $30, I could have bought a new C set of my favorite rap group for $25, I could have bought a new sweater for $27, we could have stayed home to watch television virtually for free, or I could have paid down my outstanding credit card debt by $30.

What was the opportunity cost of my going out for pizza last night? Explain in your own words precisely what opportunity cost is and how you arrived at your answer to the above question.

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The solution discusses what was the opportunity cost of my going out for pizza last night.

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The opportunity cost in this scenario, which is the next best alternative to the scenario, would have been the fact that I could have watched the television for free ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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