Opportunity cost and decision making


This term/semester you had three options to take our class: (1) completely online, (2) live online, or (3) face-to-face.

Part I. For comparative purposes, focus on finding the opportunity cost, expressed as a dollar amount, of attending our class face-to-face. (15 points)

Follow these steps:

◦ First, find all your alternative options/activities to attending our class face-to-faceexcluding the options of taking this class completely online or live online. For example, one alternative activity could be working during the time the class is held on campus. Other activities/options depend on your situation and may include spending time with family or friends, exercising, etc.

◦ Second, assign a dollar value to each alternative after making a few simple calculations. If you are not able to assign a dollar value to each alternative, just rank them based on what they are worth to you in comparison with each-other.

◦ Third, rank your alternatives.

◦ Fourth, based on the highest ranked alternative, state your opportunity cost of attending our class face-to-face to the best of your ability.

Type your answer below …

Part II. Using ONLY the concept of opportunity cost, explain which of the three options/modalities below you would have chosen to take this class, if your circumstances did not completely prevent you from any of these three options. Make sure to explain why. (7 points)

◦ A) Face-to-face

◦ B) Live online

◦ C) Completely online

Type your answer below …

Part III. If someone (you or another student) chooses an option(from options A, B or C above) for which her/his opportunity cost is not the lowest one, what other reasons might have influenced that decision? In other words, what additional aspectsbesides the opportunity cost may influence one’s decision-making in this situation? (6 points)


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