Nick won $1000 lottery prize He can't decide what he should spend the money con buy a console, a bike, a watch or a trip. He gives up the bike and the watch but he rally wants the console. In the end he saves it all for the trip. Which item is the opportunity cost of Nick's trip?

Question

Business

Makhi Cooper

16 February, 09:31

Nick won $1000 lottery prize He can't decide what he should spend the money con buy a console, a bike, a watch or a trip. He gives up the bike and the watch but he rally wants the console. In the end he saves it all for the trip. Which item is the opportunity cost of Nick's trip?

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Answers (1)

Know the Answer?

Annabel Shelton · Answer 1

Answer: Console

Explanation:

Opportunity cost is what one forgoes in order to get somethings else. Opportunity cost is as a result of limited resources hence a choice has to be made.

From thw question, we are told that

Nick won $1000 lottery prize and he can't decide what he should spend the money on buy as he wanted a console, a bike, a watch or go on a trip. We are further told that he gives up the bike and the watch but he really wants the console and that in the end he saves it all for the trip.

The opportunity cost here is the console. He wasn't really interested in the bike or watch but he really as very interested in the console and he eventually gave up on the console for the trip.