Opportunity Cost and Decision-Making
This term/semester you had three options to take our class: (1) completely online, (2) live online, or (3) face-to-face.
Part I. For comparative purposes, focus on finding the opportunity cost, expressed as a dollar amount, of attending our class face-to-face. (15 points)
Follow these steps:
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Part II. Using ONLY the concept of opportunity cost, explain which of the three options/modalities below you would have chosen to take this class, if your circumstances did not completely prevent you from any of these three options. Make sure to explain why. (7 points)
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Part III. If someone (you or another student) chooses an option (from options A, B or C above) for which her/his opportunity cost is not the lowest one, what other reasons might have influenced that decision? In other words, what additional aspects besides the opportunity cost may influence one’s decision-making in this situation? (6 points)
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