Answered: To begin, I began selling prints of my…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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“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. The opportunity cost is the benefit of UPS shipping.” Is this a good example of an opportunity cost?

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Yes, this is an example of Opportunity Cost because in this, seller used their mind and grab the opportunity on the right time through which he saves lots of costs because in this case there are two company who mail the prints one company services is expensive and another one company services is normal or less expensive as compare to the first company and the work of the both the company is same, minor difference is there.

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