Dolores had €20 pocket money and was undecided whether to spend it on phone credit or a visit to the cinema - Junior Cycle Business Studies - Question 10 - 2017
Question 10
Dolores had €20 pocket money and was undecided whether to spend it on phone credit or a visit to the cinema. She decided to purchase phone credit.
(i) What was the ... show full transcript
Worked Solution & Example Answer:Dolores had €20 pocket money and was undecided whether to spend it on phone credit or a visit to the cinema - Junior Cycle Business Studies - Question 10 - 2017
Step 1
What was the opportunity cost involved?
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Answer
The opportunity cost involved for Dolores is that she did not go to the cinema. By choosing to purchase phone credit instead, she forwent the enjoyment and experience of watching a movie.
Step 2
What was the financial cost involved?
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Answer
The financial cost involved is €20 spent on phone credit. This reflects the total amount of pocket money Dolores used to purchase the phone credit.
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