Opportunity Cost (300 Wds) in Essay

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Obviously, the concept of opportunity cost is very useful for making decisions (Mankiw, 2008) because at the end of the fiscal year, the person who chose to vacation for five days in Costa Rica would have $1,700 less in his or her bank account that the person who chose to stay home and work instead of going to Costa Rica. Without considering opportunity costs, a person could make the mistake of considering only the actual cost of the Costa Rico trip and never realize that the decision would actually cost an additional $1,000 compared to the alternative choice being considered.

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Mankiw, N.G. (2008).….....

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