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15 April, 11:40

Jose and Maria work at a restaurant. Jose can make either 10 pancakes or 4 waffles; Maria can make either 8 pancakes or 2 waffles. According to this scenario, the opportunity cost of making one waffle for Maria is

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  1. 15 April, 12:44
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    The cost of opportunity is 4 pancakes.

    Explanation:

    The cost of opportunity is by definition the amount of things you don't do or buy, because of choosing doing or buying something else. In this case, Maria can make:

    8 pancakes 2 waffles

    This means that at every moment, she can choose to make or 8 pancakes or 2 waffles, but not both. If we continue with this logic, in the time she could make 1 waffle, she could have chosen to make 4 pancakes. This is her cost of opportunity.
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