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Posted: August 7th, 2019
Opportunity cost is the cost of an alternative action that must be sacrificed in order to pursue a certain action. Therefore, opportunity cost occurs anytime we make choices in our life. The process of giving up something we enjoy to gain another good has been a part of human traits since day one.
As a society we should make good decisions only if we know and acknowledge that there might be other available options that will benefit us. As logical thinkers, we tend to pick activities that not only will amplify our time, but also benefit our future. For example, I know I have to get up early in the morning because I have an exam at 8 AM, yet I still want to go to the concert tonight. I can either go see the hot stuff in the MidFlorida Credit Union Amphitheater in Tampa, FL which is 3 hours away from home, or I can go watch the good times band in the AAA here in Miami which is 15 minutes away from my home.
Both tickets are $150, I value hot stuff’s concert at $225. I am now debating on which of the two bands I should go and see or if I should stay home and study because I have to prepare for my exam the next morning. Marginal utility is the additional satisfaction a consumer gains from consuming one more unit of a good or service.
As for in my situation, I’m okay with paying a marginal utility of $225 per ticket, drive 3 hours to Tampa and return to Miami around 2 am once the concert is done. But it doesn’t make any sense for me to spend more than 10 hours going to a concert on the night before my exam. Despite the fact that the satisfaction that I would feel after seeing the band I’ve been dreaming of seeing would have been amazing, but the satisfaction that I would have felt for staying in studying and passing my exam would have been ten times better. Having a good night’s rest would definitely be the best alternative for me, taking off hot stuff’s the list. Now the Good time’s concert in AAA is calling my name because it is so close to me. Similar to the next best alternative as I previously mentioned, using my night to actually rest and study for my exam the next day is the opportunity cost. Being the logical person that I am, I know what is the best alternative for me.
Instead of me going out and spending a couple hours in a concert and spending money that I should be saving for school, I rather stay home and rest which helps me avoid all that. Not only will I be saving money but I will also be saving my energy and I would study which gives me a higher possibility of passing my exam the next morning, which I need to in order for me to graduate. By me not being well rested the night before a big exam it’ll be costing me a lot. I will be sacrificing my education which will sacrifice my future career. In conclusion, the opportunity cost for staying home is way higher than if I would have attended one of the concerts. The value for my education outweighs the lost concerts.
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