UMUC Principles of Microeconomics ECON 203 Week 1 Discussion

UMUC Principles of Microeconomics ECON 203 Week 1 Discussion

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ECON 203 Principles of Microeconomics Week 1 Discussion Answer (2018)

You are standing in line. Think about what you would be doing if you are not in this line. The alternatives are infinite and computing the cost of them all is impossible. However, since you could only be doing one thing (not all of them) if you are not in this line, determining the opportunity cost requires only knowing the one thing you would be doing. Calculate (in $$$) your opportunity costs of standing in line.

4.)  Discuss the opportunity costs of natural disasters. Calculate (in $$$) opportunity costs of natural disaster.