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10 April, 07:22

Jen spends her afternoon at the beach, paying $1 to rent a beach umbrella and $11 for food and drinks rather than spending an equal amount of money to go to a movie. Her opportunity cost of going to the beach is:

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  1. 10 April, 08:00
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    The opportunity cost refers to the benefit that a consumer can get from the next best alternative. It can be measured in monetary as well as in non-monetary terms.

    In our case, Jen have two choices, either go to the beach or to a movie.

    So, the opportunity cost of going to a beach is the satisfaction that he could get from watching a movie.
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