Her opportunity cost of working is the $22 she earns working. The value by engaging in a specific activity in comparison to engaging in an alternative activity is known as the opportunity cost of that activity.
What is the opportunity cost of working?
- The value or advantage forfeited by engaging in a specific activity in comparison to engaging in a different activity is known as the opportunity cost in microeconomic theory. Simply put, it means that if you choose one activity, you forfeit the chance to do another.
- The goal of opportunity cost, as a depiction of the link between scarcity and choice, is to ensure efficient use of limited resources. It includes all decision-related costs, both explicit and implicit.
- Promoters and business analysts frequently use the idea of opportunity cost to conduct feasibility studies and determine what kinds of policy decisions should be made.
She earn per hour = $11
She earn 2 hour = $22
The $22 minus the enjoyment she would have received from going shopping.
The enjoyment she would have received had she gone shopping.
since she would have received less than $22 worth of enjoyment from going shopping.
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