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Refer to Exhibit 34-10.

Jason’s opportunity cost of mowing the lawn is:

A. 0.50 clean houses
B. 2.40 clean houses
C. 2.00 clean houses
D. 0.60 clean houses

Answer :

Opportunity cost refers to the cost of giving up the next best alternative use of resources. It is a measure of the cost of an economic decision and is used to evaluate the trade-off between two or more options.

In other words, it represents the value of the most valuable option that must be foregone in order to choose another option. To determine the opportunity cost, one must consider the value of all alternatives and choose the one that offers the highest value. In this case, if Jason has the option of mowing the lawn or cleaning houses, his opportunity cost of mowing the lawn is the income he would have earned if he had chosen to clean houses instead. The specific opportunity cost of mowing the lawn would depend on the specific wages he would earn for cleaning houses and the time it takes to mow the lawn. Wages are the payment received by workers in exchange for their labor. In the context of opportunity cost, wages are an important factor in determining the cost of a particular decision. If Jason has the option of mowing the lawn or cleaning houses, the wages he would earn for cleaning houses would be a key component in determining his opportunity cost of mowing the lawn. If Jason earns $20 per hour for cleaning houses and it takes him 2 hours to clean one house, then his opportunity cost of mowing the lawn would be $40. This means that if Jason chooses to mow the lawn instead of cleaning houses, he would be giving up the opportunity to earn $40 by cleaning houses.

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