What is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Smaller or lighter packages were more expensive to ship with UPS, but USPS provided a low-cost alternative. UPS ships more than 220 internationally, whereas; USPS is strict about shipping to specific international destinations. I have chosen USPS over UPS; by doing this, orders were delivered on time and without damage by the United States Postal Service.”
What is the opportunity cost in this example? “ To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Smaller or lighter packages were more expensive to ship with UPS, but USPS provided a low-cost alternative. UPS ships more than 220 internationally, whereas; USPS is strict about shipping to specific international destinations. I have chosen USPS over UPS; by doing this, orders were delivered on time and without damage by the United States Postal Service.”
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
What is the opportunity cost in this example?
“ To begin, I began selling prints of my pictures in 2019 throughout 2020. It's now closed. USPS and UPS were the options I had during this period to ship out orders. Smaller or lighter packages were more expensive to ship with UPS, but USPS provided a low-cost alternative. UPS ships more than 220 internationally, whereas; USPS is strict about shipping to specific international destinations. I have chosen USPS over UPS; by doing this, orders were delivered on time and without damage by the United States Postal Service.”
Expert Solution
Step 1
Opportunity cost refers to the cost that is foregone. In other words, it is the value of the next best alternative which is sacrificed.
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