The opportunity cost of going to a baseball game is

• A. The face value of the ticket
• B. The face value of the ticket plus the cost of snacks at the ballpark
• C. The total cash spent plus the value of your time
• D. Zero, if you enjoyed the baseball game

Answer: (C)

Verified step by step guidance

1. Understand the concept of opportunity cost: Opportunity cost is the value of the next best alternative that you give up when you make a choice. It is not just the monetary cost, but also includes the value of time and other resources sacrificed.
2. Identify the alternatives: In this scenario, the alternatives to going to the baseball game could include working, studying, or engaging in another leisure activity.
3. Consider the monetary costs: Calculate the total cash spent, which includes the face value of the ticket and any additional expenses such as snacks or transportation.
4. Evaluate the value of your time: Determine what you could have earned or accomplished during the time spent at the game. This could be the wage you would earn if you worked during that time or the value of any other productive activity.
5. Combine the costs: The opportunity cost of attending the baseball game is the sum of the total cash spent and the value of your time, representing the full cost of the decision to attend the game instead of engaging in the next best alternative.