after graduating from college, jim had three choices, listed in order of preference: (1) move to florida from philadelphia, (2) work in a car dealership in philadelphia, or (3) play soccer for a minor league in philadelphia. his opportunity cost of moving to florida includes the benefits he could have received from playing soccer. the income he could have earned at the car dealership. both a and b. cannot be determined from the given information.

Question

14-12-2022
Business

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after graduating from college, jim had three choices, listed in order of preference: (1) move to florida from philadelphia, (2) work in a car dealership in philadelphia, or (3) play soccer for a minor league in philadelphia. his opportunity cost of moving to florida includes the benefits he could have received from playing soccer. the income he could have earned at the car dealership. both a and b. cannot be determined from the given information.

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Tundexi Tundexi · Answer 1 · 2022-12-23T16:51:58+01:00

As Jim listed in order of preference. His opportunity cost of moving to Florida includes the income he could have earned at the car dealership. The Option B is correct.

What is an Opportunity cost?

In economic, opportunity cost refers to value of what you lose when choosing between two or more options. Every choice has its trade-offs and opportunity cost is the potential benefits to miss out on by choosing one direction over another.

Here, we are given a ranking of Jim's preferences. As such, when he decides to move to FL, he does sacrifices the alternatives that require him to stay in Philly.

However, this opportunity cost stems from the value of his next best alternative, which as it is described in his ranking, is working in car dealership or more precisely the economic benefit he would have derived from that.