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    Ch1 2 Opportunity Cost2

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    Lance Sobaski
    The document discusses calculating the opportunity cost of choosing a new car versus a 5-year old model of the same car. It provides an example where a 2018 Toyota Corolla costs $18,600 while a 2013 Toyota Corolla costs $10,000, so the opportunity cost of the new car is $8,600. To afford the new car, the individual would give up all their fishing gear and sell unused possessions.

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    Ch1 2 Opportunity Cost2

    Uploaded by

    Lance Sobaski
    21 views1 page
    The document discusses calculating the opportunity cost of choosing a new car versus a 5-year old model of the same car. It provides an example where a 2018 Toyota Corolla costs $18,600 while a 2013 Toyota Corolla costs $10,000, so the opportunity cost of the new car is $8,600. To afford the new car, the individual would give up all their fishing gear and sell unused possessions.

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    Chapter 1 and 2

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    The document discusses calculating the opportunity cost of choosing a new car versus a 5-year old model of the same car. It provides an example where a 2018 Toyota Corolla costs $18,600 while a 2013 Toyota Corolla costs $10,000, so the opportunity cost of the new car is $8,600. To afford the new car, the individual would give up all their fishing gear and sell unused possessions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    21 views1 page

    Ch1 2 Opportunity Cost2

    Uploaded by

    Lance Sobaski
    The document discusses calculating the opportunity cost of choosing a new car versus a 5-year old model of the same car. It provides an example where a 2018 Toyota Corolla costs $18,600 while a 2013 Toyota Corolla costs $10,000, so the opportunity cost of the new car is $8,600. To afford the new car, the individual would give up all their fishing gear and sell unused possessions.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Intro to Business Activity Name: Lance Sobaski

    Ch 1 Page 13

    Opportunity Cost
    Using the Internet, research the cost of a brand new car now and a car that
    is 5 years old of the same model to determine the price of each. Calculate
    the opportunity cost and what you would have to give up to choose the new
    car.

    Complete the following:


    1. Research to find a specific car that is new and another that is 5 years
    old.
    a. New car year, make and model (i.e.,2018, Chevy Camaro):
    _________2018, Toyota Corolla_______________
    b. 5-year old car, make and model (i.e.,2013, Chevy Camaro):
    __________2013, Toyota Corolla______________

    2. List the price of each car


    a. New car price: $18,600
    b. 5-year old car price: $10,000

    3. Calculate the opportunity cost


    a. New car price minus the 5-year old car price: $8,600

    4. State what you would give up in order to choose the new car:

    I would give up all my fishing gear and sell everything I don’t use

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