Is this a good example of an opportunity cost? “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. At the moment I didn’t have enough knowledge about USPS, so I chose to ship my prints via UPS rather than USPS. My orders weren’t delivered on time and upon arrival, the prints were damaged, and I spent a large amount of money shipping these orders out. The opportunity cost is the cost of USPS shipping.”

Is this a good example of an opportunity cost? “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. At the moment I didn’t have enough knowledge about USPS, so I chose to ship my prints via UPS rather than USPS. My orders weren’t delivered on time and upon arrival, the prints were damaged, and I spent a large amount of money shipping these orders out. The opportunity cost is the cost of USPS shipping.”

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter14: Pricing Techniques And Analysis

Section: Chapter Questions

Problem 7E

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