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Opportunity cost

May 12, 2023

All essays must be typed in size 12 Times New Roman font, double-spaced, and with one-inch margins. Be sure to include an introduction and conclusion. Also, all references should be listed on a separate page. Each essay is expected to be around 5 pages in length.Essay 1Main idea: What is meant by “opportunity cost” and how does it impact your life? In principles of microeconomics we see that opportunity cost applies to (1) individuals, (2) households, (3) firms, and (4) societies. Part A): From an individual perspective, imagine that you have $150 to see a concert. You can either see Bruno Mars or you can see Imagine Dragons. Tickets for both concerts are priced at $150 per ticket. Assume that you value the Bruno Mars concert at $225 and the Imagine Dragons concert at $150. It will take you two hours to drive to Orlando to see the Bruno Mars concert and you have to be in school the next morning for an exam. The Imagine Dragons concert is right here in town at the Amphitheatre. Explain how you would assess the opportunity cost of seeing Bruno Mars in concert compared to Imagine Dragons. Which one would you go see?Part B): Give examples (like the one above), to demonstrate how (2) households, (3) firms, and (4) societies also face and assess opportunity costs. How does the notion of opportunity cost help decision-makers decide between alternatives? You may use some outside sources just put your references on another page (Does not include 4 page minimum)

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