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Macroeconomics: Spring Break Trip Opportunity Cost

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You can either spend spring break working at home in Alabama for $100 a day for five days, or you can spend the week in Costa Rica where travel expenses will total $800 (food, hotel, and a plane ticket.) What is the opportunity cost of the trip to Costa Rica? Explain how you determined your answer.

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Solution Summary

This solution discusses the opportunity costs between staying at home and working during Spring Break or spending the week in Costa Rica.

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If you spend your spring break in Costa Rica, the opportunity cost is the $100 per day for five days that you will give up working at home in Alabama. When we look at opportunity costs, we look at the benefits that are given up in order to pursue the other opportunity. In this case, there are two options. You ...

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