Question

Question 1 (10 points) You are faced with a problem. You want to go to the movies with your friends and see the latest action flick. However, your mother left you firm instructions to mow the lawn. You will risk losing your allowance if you don't mow the lawn. Apply what you have learned in this course. a) Create a decision-making grid similar to the one you learned about in Unit 2. Then decide which would be the best use of your time. b) Make a choice as to which you will do. Write an explanation (at least one well- developed paragraph in length) in which you explain how you have decided to use your time and why you made that particular choice. Your explanation should include terms such as "opportunity cost" and "trade-off" and your reasoning for making the choice you made.

Answer 1

The dilemma is to decide whether to ignore mother's orders or comply with them in this situation.

What is Opportunity Cost?

Opportunity Cost refers to the losses incurred on leaving the other possible alternatives in the decision making and choosing the one. It is the value of the best alternative choose in the process of the decision making.

In the Above situation,the individual would enjoy with friends if he goes to watch the movie However it can lead to trouble with his mother.

However, if individual does cleaning of the lawn; the price would be the fun you would have to forgo.

The best course of action would be to obey your mother because the consequences of doing otherwise are much worse.

Learn more about Opportunity Cost here:

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