You have three options for the last $4.40 in your pocket: a cappuccino you value at $6.50; a smoothie you value at $7.70, and a frog. (The price of each item is $4.40.) What is the (opportunity) cost, in dollars, of purchasing the frog? (Do NOT enter the $.)

Question

BlackTom AI · Accepted Answer

First, let's restate the scenario to ensure clarity: you have three options for the last $4.40 in your pocket, each priced at $4.40, and each with a different value to you. The options are a cappuccino valued at $6.50, a smoothie valued at $7.70, and a frog. The question asks for the opportunity cost of purchasing the frog, expressed in dollars (not including the dollar sign).

Key concept: opportunity cost is the value of the best alternative you give up when you make a choice. Here, if you buy the frog, you forego the best-valued alternative among the remaining items.

Option analysis:
- Cappuccino: you value it at $6.50. This is one potential alternative you could have chosen instead of the frog.
- Smoothie: you value it at $7.70. This is the highest-valued alternative among the options.
- Frog: you are choosing this item, which has a price of $4.40 and a value you assign to it (not directly used for the cost calculation).

Why the opportunity cost is 7.70: Because if you spend the $4.40 on the frog, the next best alternative you could have obtained with that money is the smoothie, which you value at $7.70. Since opportunity cost uses the value of the best forgone alternative, 7.70 dollars represents the cost in terms of foregone benefits.

Why not the cappuccino value of 6.50: While $6.50 is also a potential forgone value, it is not the highest-valued forgone alternative. The opportunity cost picks the maximum value among the alternatives you give up, which is 7.70 for the smoothie.

Summary: the opportunity cost of purchasing the frog is the value you would have gained from the best alternative you gave up, which is the smoothie valued at 7.70.

You have three options for the last $4.40 in your pocket: a cappuccino you value at $6.50; a smoothie you value at $7.70, and a frog. (The price of each item is $4.40.) What is the (opportunity) cost, in dollars, of purchasing the frog? (Do NOT enter the $.)简答题

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