Questions: Activity Completed Question Value: 35 Suppose you take a weekend trip to Colorado during the winter. On Saturday, you're trying to decide whether to go snowboarding, skiing, or snowshoeing, and you will only have time for one of these activities. You decide that you would rather ski than snowshoe, but you would prefer to snowboard most of all. What is the opportunity cost of going snowboarding? skiing snowshoeing and skiing There is no opportunity cost because you have the whole weekend. snowshoeing

Activity Completed Question Value: 35 Suppose you take a weekend trip to Colorado during the winter. On Saturday, you're trying to decide whether to go snowboarding, skiing, or snowshoeing, and you will only have time for one of these activities. You decide that you would rather ski than snowshoe, but you would prefer to snowboard most of all. What is the opportunity cost of going snowboarding? skiing snowshoeing and skiing There is no opportunity cost because you have the whole weekend. snowshoeing
Transcript text: Activity Completed Question Value: 35 Suppose you take a weekend trip to Colorado during the winter. On Saturday, you're trying to decide whether to go snowboarding, skiing, or snowshoeing, and you will only have time for one of these activities. You decide that you would rather ski than snowshoe, but you would prefer to snowboard most of all. What is the opportunity cost of going snowboarding? skiing snowshoeing and skiing There is no opportunity cost because you have the whole weekend. snowshoeing
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Solution

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The answer is A: skiing.

Explanation: Opportunity cost refers to the value of the next best alternative that you give up when making a decision. In this scenario, you have three options: snowboarding, skiing, and snowshoeing. You have stated that you prefer snowboarding the most, followed by skiing, and lastly snowshoeing.

Since you choose to go snowboarding, the next best alternative that you are giving up is skiing. Therefore, the opportunity cost of going snowboarding is skiing.

Let's briefly explain why the other options are incorrect:

  • Snowshoeing and skiing: This option is incorrect because opportunity cost considers only the single next best alternative, not multiple alternatives.
  • There is no opportunity cost because you have the whole weekend: This option is incorrect because opportunity cost is about the value of the next best alternative forgone, regardless of the time frame.
  • Snowshoeing: This option is incorrect because snowshoeing is not your next best alternative; skiing is.

Thus, the correct answer is skiing.

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