Martin would like to go on holiday with his friends at the end of the summer - Junior Cycle Business Studies - Question ii - 2023
Question ii
Martin would like to go on holiday with his friends at the end of the summer. He is also interested in buying a laptop which would be useful when he goes to college ... show full transcript
Worked Solution & Example Answer:Martin would like to go on holiday with his friends at the end of the summer - Junior Cycle Business Studies - Question ii - 2023
Step 1
Financial Cost:
96%
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Answer
The financial cost of Martin's choice is €450, which is the price he pays for the laptop.
Step 2
Opportunity Cost:
99%
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Answer
The opportunity cost is the value of the next best alternative that Martin is giving up by purchasing the laptop, which is the holiday in Spain costing €450.
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