Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Opportunity cost of your resource is defined as “the value associated with the next best use of that resource (which you must give up).” Decisions you make should reflect your opportunity cost, and not just your out-of-pocket costs

by | Jun 20, 2022 | Economics | 0 comments

GET HELP WITH YOUR ESSAY

If you need assistance with writing your essay, our professional Essay Writing Service is here to help!

DISCOUNT CODE FIRST25

ORDER THIS OR A SIMILAR PAPER NOW

Opportunity cost of your resource is defined as “the value associated with the next best use of that resource (which you must give up).” Decisions you make should reflect your opportunity cost, and not just your out-of-pocket costs. For example, if you decide to spend two hours of your time watching TV, the opportunity cost of your time is the value associated with its next best use (either studying or sleeping).
This exercise will ask you to relate this concept to decision making.
Post your responses to the following question in the Opportunity Cost discussion forum:
When the I-395 Express Lanes first opened in November 2019, the toll was expected to reach up to $30 for drivers in the Northbound lanes to travel a distance of only 8 miles during the morning rush hour.
Read the Washington Post story here (Links to an external site.).
Using the principles of Opportunity Cost and Rational Decision Making, explain why (or why not) drivers might be willing to pay up to $30 to save 30 minutes of travel time during the rush hour.

GET HELP WITH YOUR ESSAY

If you need assistance with writing your essay, our professional Essay Writing Service is here to help!

DISCOUNT CODE FIRST25

ORDER THIS OR A SIMILAR PAPER NOW

Recent Assignments

How It Works

b

Tell us about your homework assignment.

~

Securely pay for your academic paper

j

Paper gets assigned to an expert tutor

Receive the complete paper via email

Team up With Your Own Writing Expert Now

Stuck with overwhelming assignments? We will take care of all your writing tasks.