Questions: Rose's parents have booked and paid for a family trip to Aspen, Colorado, during her spring break. Rose's friends recently decided to drive to Destin, Florida, for spring break. Rose needs to decide whether to join her parents in Aspen or drive to the beach with her friends. The opportunity costs of joining her friends on the trip to Destin include each of these EXCEPT: her parents' anger if she skips the family trip to Aspen. her contribution to gas money for the drive to Destin. the ski lift ticket her parents have already purchased for her. the hotel costs she will split with her friends in Destin.


Rose's parents have booked and paid for a family trip to Aspen, Colorado, during her spring break. Rose's friends recently decided to drive to Destin, Florida, for spring break. Rose needs to decide whether to join her parents in Aspen or drive to the beach with her friends. The opportunity costs of joining her friends on the trip to Destin include each of these EXCEPT:
her parents' anger if she skips the family trip to Aspen.
her contribution to gas money for the drive to Destin.
the ski lift ticket her parents have already purchased for her.
the hotel costs she will split with her friends in Destin.
Transcript text: Rose's parents have booked and paid for a family trip to Aspen, Colorado, during her spring break. Rose's friends recently decided to drive to Destin, Florida, for spring break. Rose needs to decide whether to join her parents in Aspen or drive to the beach with her friends. The opportunity costs of joining her friends on the trip to Destin include each of these EXCEPT: her parents' anger if she skips the family trip to Aspen. her contribution to gas money for the drive to Destin. the ski lift ticket her parents have already purchased for her. the hotel costs she will split with her friends in Destin.
failed

Solution

failed
failed

The answer is: her parents' anger if she skips the family trip to Aspen.

Explanation: Opportunity cost refers to the value of the next best alternative that is forgone when a decision is made. In this context, the opportunity costs of joining her friends on the trip to Destin would include tangible and measurable costs associated with the decision. Let's analyze each option:

  1. Her parents' anger if she skips the family trip to Aspen:

    • This is not a tangible or measurable cost. While it is a consequence of her decision, it is more of an emotional or relational impact rather than an opportunity cost in economic terms.
  2. Her contribution to gas money for the drive to Destin:

    • This is a tangible cost that Rose would incur if she decides to go to Destin. It is a direct financial expense and thus an opportunity cost.
  3. The ski lift ticket her parents have already purchased for her:

    • This represents a sunk cost, which is a cost that has already been incurred and cannot be recovered. However, in the context of opportunity cost, it is the value of the ski lift ticket that she will not be able to use if she goes to Destin. Therefore, it is considered an opportunity cost.
  4. The hotel costs she will split with her friends in Destin:

    • This is another tangible cost that Rose would have to pay if she decides to go to Destin. It is a direct financial expense and thus an opportunity cost.

In summary, the opportunity costs of joining her friends on the trip to Destin include her contribution to gas money, the ski lift ticket her parents have already purchased, and the hotel costs she will split with her friends. However, her parents' anger is not considered an opportunity cost in economic terms.

Was this solution helpful?
failed
Unhelpful
failed
Helpful