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Business, 12.10.2019 02:50 laurenlay156

For each of the five situations below, suggest the opportunity (real) cost of the person’s choice. in the text box, describe the choice and opportunity cost of each situation. use a sentence that begins “when…chose the…, his/her opportunity cost was…” be prepared to explain your answer if i do not belive it's clear enough for full credit.

1. tonya had a hard time deciding between the big burger and the crispy chicken sandwiches, her two favorites. she chose the chicken because she had more recently had a burger. what was her opportunity cost? (20 points)

2. jimmy went to a candy store. he really wanted chocolate nut clusters, jelly beans, and licorice. he only had enough money buy one of them. he can’t eat chocolate or nuts because of an allergy. he decided to buy some licorice. what was his opportunity cost? (20 points)

3. mary was shopping in a clothing store. she had $100 to spend. she found three items she liked: $99 for a pair of shoes, $98 for a jacket, and $96 for a dress. after over an hour of shopping, she decided to buy the jacket for $98. what was her opportunity cost? (20 points)

4. joe was shopping for a truck. he has looked at similarly priced ford, chevrolet, toyota, and ram models. after a lot of thought, he narrowed it down to either the ford or the chevrolet. he selected the ford because he liked the interior a little better. what was his opportunity cost? (20 points)

5. the city was building a new park. there was only enough money in the budget to include new tennis courts, a wading pool, a music stage, or a parking lot. at the public hearing, many of the people wanted more parking. city council voted to build the music stage after narrowing it down to either the stage or the wading pool. what was the city’s opportunity cost? (20 points)

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