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2. You can spend spring break either working at home for $80/day for 5 days or go to Florida for the week. If you stay home, your expenses will total about $100. If you go to Florida, the airfare, hotel, food and miscellaneous expenses will total about $700. What is the opportunity cost of going to Florida? Bonus point: What is the definition of opportunity cost?

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Answer:

-$1,000

-The opportunity cost refers to the benefit that you don't receive when you choose an option over another one.

Explanation:

The opportunity cost of going to Florida would include the amount you won't spend on the trip that is $700. Also, it includes the benefit of staying at home that is working for $80/day for 5 days that is equal to $400 minus the expenses that are $100. According to this, the opportunity cost is: $700+$300= 1,000.

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