Assume that I have $150 to see a concert - either seeing “Hot Stuff” or “Good Times Band.” Both concerts cost $150 for a ticket but you I the “Hot Stuff” concert more at $225, while accessing the value of “Good Times Band” at $150 - the same as the monetary value of the ticket. While “Good Times” is performing right in town, “Hot Stuff” is performing in a town a couple of hours away. The most striking twist in this situation is that you have to be in school the next morning for an exam.
At this point, we can assess several opportunity cost associated with seeing “Good Times” in concert. First, there is a monetary value that is significant in this hypothetical situation. Simplying looking at the cost of a ticket to either concert, there is no d...
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For me personally, I would not attend either concert and spend time at home studying. Besides the $150 ticket price, there are many costs associated with going to either concert. With the money for food, money, and the time spent going to either concert factored into my analysis of the opportunity cost, my valuation would determine that it would not be worth going to either concert and that studying for that exam the next day with the possibility of raising my grade is worth much more than a concert experience could provide.
All of us face tradeoffs and incur opportunity costs throughout our lives. For some people, the costs outweigh the value of the good or service. It is ultimately up to us to assess and analyze the choices, tradeoffs, and opportunity costs provided and make decisions of what we value the most and the ramifications of those decisions.
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