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The five-dollar Burger Joint gift card that your friend gave you for your birthday expires today. You can either use the gift card to buy yourself dinner at Burger Joint, or you can stay home and eat a delicious home-cooked meal. What is the opportunity cost of eating the home-cooked meal?a. The value of a five-dollar dinner at Burger Joint.
b. The value of the ingredients that go into the home-cooked meal and the value of a five-dollar dinner at Burger Joint .
c. There is no opportunity cost since you did not pay for the gift card.
d. The time it takes to eat your home-cooked meal and the value of the five-dollar dinner at Burger Joint.
e. The value of the ingredients that go into the home-cooked meal.

Respuesta :

Answer:

The correct answer is option b.

Explanation:

The opportunity cost of an economic decision can be defined as the cost of giving up the second-best alternative. A person received a five-dollar burger joint gift card that expires today.

The person has to choose between eating out at a burger joint or having a home-cooked meal. If the person eats a home-cooked meal, he has to give up the five-dollar worth gift card. Also, the ingredients that he used in the meal could have been used later for something else.

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