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.”
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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.”
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Opportunity cost is the value of that alternative which has been foregone and is considered to be the best after the chosen one.
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